Used EVs market rises by 37.5%

The best-ever annual performance of used battery electric vehicles (BEVs) was recorded in 2022 with 71,071 units sold – a rise of 37.5%.

The figures from the Society of Motor Manufacturers and Traders (SMMT) came against an overall decline in the used car market of -8.5% with a squeeze on cars entering the used marketplace due to a lack of new vehicles from the global shortage of semiconductors.

BEVs are now 1% of the overall market – up from 0.7% in 2021 – and robust demand for other alternatively fuelled vehicles continued with sales of hybrid electric vehicles (HEVs) rising 8.6% and plug-in hybrid electric vehicle (PHEVs) transactions up 3.6%.

Combined together, EVs represented 4.1% of the market – up from 3.3% in 2021.

Mike Hawes, SMMT Chief Executive, said, “While the market headlines are negative, and reflective of the squeeze on new car supply last year, record electrified vehicle uptake is a bright spot and demonstrates a growing appetite for these models.

“Accelerating uptake is key and will be dependent on drivers being assured of a positive ownership experience. This means ensuring charging infrastructure keeps pace with demand as more new and used car buyers make the switch to zero emission motoring than ever before.”

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