The EV market is growing at a phenomenal rate. Just look at the statistics below for 2022.
2022 saw an industry wide slow-down of 2% in vehicle registrations compared to 2021, which was partly blamed on supply issues such as the semi-conductor shortage and the war in Ukraine.
Despite this, 1.61 million new cars were registered in 2022, with over 267,203 (16.6%) of these being BEV’s and over 101,000 (6%) being PHEV’s.
EV sales saw an increase of 40% in 2022 where they jumped from 190,727 units in 2021 to 267,203 units in 2022 – with more than 16% of new car sales being electric.
If we look at how that progressed throughout 2022 in comparison, we will see;
In January 2022 = 14,433 BEVs were registered – a 12.5% market share.
In June 2022 = 22,737 BEVs were registered – a 16.1% market share.
In December 2022 = 42,284 BEVs were registered – a 32.9% market share. This is a massive 52.62% increase compared to the registrations for December 2021 of 27,705.
EV car sales are now only second to petrol cars in the UK.
With an estimated 660,00 BEV’s and 445,000 PHEV’s on the UK roads – the second hand market is naturally growing.
And will the momentum for 2023 keep up the pace?
It certainly looks that way.
January 2023 has seen an increase of 12% from 2022 figures with 17,294 BEVs registered and 9,109 PHEVs. A total of 26,403 gives a market share of around 20% of January sales.
It’s anticipated that plug-in cars will make up more than 1 in four new car registrations in 2020 and closer to 1 in 3 in 2024 – though the Society of Motor Manufacturers and Traders (SMMT) says the biggest hurdle to the growth is the rollout of charging infrastructure which they claim to be insufficient.
If you’re considering an Electric vehicle then you’d do well to have a good quality professionally installed EV charger at home, as the existing infrastructure is going to get busier as the market shifts.
