The Edge of 1 million

Surge in BEV Popularity: 

The UK's EV market is rapidly embracing fully electric cars. As of October 2023, there are around 920,000 fully electric vehicles on UK roads, showcasing a significant consumer shift towards EVs. This trend is highlighted by the impressive growth in EV registrations, which increased by 40% from 2021 to 2022​​​​.

Dominant Market Share of EVs:

In the first quarter of 2023, fully electric vehicles, along with other EV types, represented over half of all vehicle sales in the UK. This surge in EV sales, where fully electric vehicles play a significant role, indicates a robust move away from traditional internal combustion engine vehicles​​.

Consumer Shift Toward BEVs: 

There has been a notable pivot away from plug-in hybrids in favor of battery-electric vehicles. This shift underscores the growing consumer confidence in BEV technology, especially in terms of range capabilities and the expanding charging infrastructure. In 2022, the total market share for new cars with a plug was 22.9%, reflecting the increased demand for electric vehicles, particularly BEVs​​.

Expansion in BEV Models and Choices: 

The variety and availability of fully electric car models have increased dramatically, offering consumers a wide range of options. This expansion caters to diverse needs and preferences, further encouraging the adoption of BEVs​​.

Government Support and Policy Influence: 

The UK government's commitment to phasing out new internal combustion engine vehicles by 2035 is a significant driver for the increasing demand for BEVs. This policy direction is not only encouraging consumers to opt for fully electric vehicles but also motivating manufacturers to expand their BEV offerings​​.

Technological Advancements and Infrastructure Development: 

Continuous improvements in battery technology, along with a growing network of charging stations, are addressing the initial concerns around range and charging. This progress is making fully electric vehicles an increasingly practical and appealing option for a broader range of consumers​​. 

 

Environmental Benefits and Consumer Awareness: 

The growing awareness of environmental issues is leading consumers to prefer fully electric vehicles, which offer zero tailpipe emissions. This trend aligns with the broader societal shift towards sustainability and environmental responsibility.

EY UK on EV Buying Intent in the UK (2023): https://www.ey.com/en_uk/news/2023/01/uk-electric-vehicle-buying-intent-continues-rise

Zap-Map on EV Market Statistics in the UK (2023): https://www.zap-map.com/statistics/

PwC UK on EV Sales for Q1 2023: https://www.pwc.co.uk/press-room/press-releases/EV-sales-gather-momentum.html

Statista Market Forecast on Electric Vehicles in the UK: https://www.statista.com/outlook/mmo/automotive/electric-vehicles/united-kingdom

EY on UK's EV Market Ranking: https://www.ey.com/en_uk/news/2023/04/uk-among-world-s-top-5-markets-for-ev-readiness-despite-supply-and-regulation-challenges


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