Used battery-electric vehicle market doubles

Demand for battery electric vehicles (BEVs) doubled in the last quarter, reaching a record market share as volumes rose by 99.9% to 34,021 units, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT).

The UK’s used car market grew by 5.5% during the third quarter, with 1,884,160 units changing hands, the third successive quarter of growth, with 98,713 additional transactions compared with the same period in 2022.

Reflecting an increase in supply, the boost now means BEVs represent 1.8% of the used market, up from 1% last year. Sales of plug-in hybrids (PHEVs), and hybrids (HEVs) also grew, up 34.6%, and 46.4% respectively. 

Volumes for petrol and diesel cars, meanwhile, grew by 4.0% to 1,065,448 and 2.3% to 704,204 units respectively.

Superminis remained the most popular vehicle type, rising by 5.8% to 607,484 units and accounting for 32.3% of transactions, with lower medium and dual purpose cars, also popular and rising by 7.1% to make up 26.8% and 14.9% of the market.

Combined, the three segments account for almost three quarters (73.9%) of all cars sold in Q3.

As a result, the overall market is up 4.6% to 5,563,576 units year to date, an increase of 244,094 units on 2022, but still -9.3% off pre-pandemic levels.

Mike Hawes, SMMT Chief Executive, said, “The used car market continues to grow strongly, with re-energised supply unlocking demand for pre-owned electric vehicles – the result being twice as many motorists switching to zero emission motoring in the quarter.

“Maintaining this momentum requires growth in the new car market, to boost supply to the used sector and cement this success. Equally important is the urgent need for charging infrastructure rollout so that all drivers can have confidence in being able to charge whenever and wherever they need.”

Image from Shutterstock