Cap hpi consulting’s quarterly evaluation of the EV market, PowerUP, discovered that buyers noticed a 626% improve in variants over the past three months of 2020 and 2024 – up 66% prior to now 12 months.
The quantity of BEV manufacturers within the UK elevated by 95% over the previous 4 years in contrast with the 14% development in quantity over the identical interval between Q3 2023 and 2024. The variety of BEV fashions available on the market between 2020 and 2024 grew by 246% and, for the previous 12 months, elevated by 39%.
Matt Freeman, managing guide at cap hpi, stated: “We’ve seen large shifts within the BEV market since 2020, the primary motive for this being an unprecedented number of reliable EV choices, with round 132 new EV fashions obtainable within the UK as of January, accounting for a 3rd of all new automobiles obtainable.
“Producers have provided enticing reductions to stimulate EV gross sales, making them extra interesting to shoppers.
“The improving cost-effectiveness of EVs is also a major factor in increased demand, with some used models now matching or undercutting equivalent petrol models on price.”
The analysis advised that extra of the latest BEV quantity within the UK automobile market is present in smaller automobile segments similar to superminis and metropolis automobiles.
The UK BEV market’s enlargement and diversification is supported by vary, affordability and charging infrastructure rollout.
Freeman stated: “The UK’s ZEV mandate, which requires 28% of recent automobile gross sales to be zero-emission autos in 2025, is driving producers to develop their EV lineups.
“The entry of Chinese manufacturers such as BYD and Leapmotor into the UK market will likely further diversify the available models and variants.”
