Electric Vehicle Sales Soar in the UK, Dominating Market with Over 50% Share
The electric vehicle (EV) market in the UK continues to experience rapid growth, capturing over 50% of the total market share, according to a recent report by PwC. The study highlights the increasing popularity of EVs among UK drivers, with hybrid models leading the way as the most preferred choice.
During the second quarter of this year, a total of 250,638 electric vehicles were sold in the UK, representing an impressive 54% share of the market. This indicates a remarkable growth of 32.8% compared to the same period last year. Furthermore, the global sales of battery EV models witnessed a significant rise of more than 52% when compared to the second quarter of 2020 across various markets.
The data further reveals that hybrid models have emerged as the top choice for UK drivers, with sales of 143,513 units, accounting for 31.5% of the market share. Battery models (BEVs) and plug-in models (PHEVs) also performed well, selling a total of 76,735 and 30,390 units respectively.
In terms of BEV sales in Europe’s top five markets, including the UK, France, Germany, Italy, and Spain, there was a notable increase of 49%. The UK and Germany led the pack with comparative growth rates of 50% each, followed closely by France with a growth rate of 47%. The UK’s BEV market share stands at approximately 16%, signaling a significant turning point for the country’s consumers in terms of electric vehicle adoption.
However, the sales of plug-in models (PHEVs) experienced a slight decline of 6% compared to the second quarter of 2020 in Europe’s top five markets, claiming a 6.5% market share in the UK.
The soaring sales of battery electric vehicles (BEVs) have had a significant impact on the overall market, with a remarkable growth rate of 49% in the second quarter of this year compared to a growth rate of 17% in the same period last year across ten Western European focus markets, including the UK, France, Germany, Italy, Spain, Sweden, Norway, the Netherlands, Switzerland, and Austria. In comparison, the United States experienced growth rates of 67% and 19%, while China witnessed growth rates of 49% and 29%.
Cara Haffey, Manufacturing and Automotive Lead at PwC UK, commented on the impressive surge in EV sales in the UK, stating, Our latest findings demonstrate that motorists are increasingly feeling that now is the time to make the switch, with EV market share remaining over 50% and up another percentage point from the previous quarter.
Haffey emphasized the need for supporting infrastructure such as public charging points to receive the necessary investment and policy support to accommodate the growing number of electric vehicles on the roads. This is crucial given the pivotal role that electric vehicles play in decarbonizing the transportation sector.
According to Statista’s market insights, the revenue in the EV market is predicted to reach $19 billion by 2023, with EV unit sales expected to reach 573,100 vehicles by 2028. Additionally, the average price of EVs in the market is projected to be $50,000 in 2023. China is set to lead the way with international revenue of $292.1 billion in the same year.
The International Energy Agency (IEA) predicts that by 2030, over one in three new vehicles sold globally will be electric, further demonstrating the increasing shift towards sustainable transportation.
With EV sales continuing to surge in the UK and around the world, it is clear that electric vehicles are rapidly gaining traction as a viable and appealing option for drivers. As governments, manufacturers, and infrastructure providers continue to support this transition, the future of the automotive industry seems poised for a greener and more sustainable path.
