- 90.9% growth in used electric vehicle sales, achieving a 5.6% market share in 2023.
- Government support is still necessary, as dealers predict strong demand and positive trends for used EVs in 2024.
2023’s boom in used electric vehicle sales points to the future of the UK’s automotive landscape
The UK’s used electric vehicle (EV) market skyrocketed in 2023. The fourth quarter of 2023 stood out with a 6.9% surge in the overall used car market. The used EV market witnessed a staggering 90.9% growth in 2023, securing a 1.6% market share.
This surge was not confined to EVs alone. Plug-in hybrids (PHEVs) posted a 25.1% growth, while hybrid vehicles (HEVs) experienced a significant uptick of 40.0%. However, the stronghold of petrol and diesel remains, commanding 94.3% of used car sales.
The standout performance of used electric vehicles, pushing market share from 4.0% in 2022 to an impressive 5.6% in 2023. This underscores a palpable shift in consumer preferences and an increasingly pivotal role for EVs in the automotive landscape.
Supply chain challenges are gradually easing, while the ZEV mandate looms ever closer. Franchised dealers find themselves at the forefront of meeting the burgeoning demand for used EVs in 2024. Driven by consumer preferences and an expanding array of electric models, the outlook for the EV segment remains optimistic. This marks a significant chapter in the unfolding narrative of emobility in the UK.
Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), commented:
“With 2023 also seeing consecutive months of growth in the new car market, it is positive to see this proliferating into the used car market.
Of note is the strong performance of used electric which reached record levels and have increased their market share from 4.0% in 2022 to 5.6% of the market in 2023. Used EVs are a key component in the transition to electric. It will become inevitable that the used EV market expands in the next couple of years as more new electric cars are registered and as smaller lower cost EVs hit the roads the used growth will become exponential.
Ultimately, these figures are a positive sign for the year ahead, and the used car market has gathered considerable momentum through what has been a challenging period.
Despite this strong showing, it is important that the Government supports the automotive sector and builds on the progress the used car market has made in 2023. With the Spring Budget less than a month away, the Government can address many pertinent issues to encourage consumers to make the switch to electric. These have been highlighted to the Chancellor in NFDA’s 2024 Spring Budget Submission.”