EV sales tipped to top 400,000

A new report predicts that BEV sales will exceed 400,000 this year.

According to a new study by cap hpi, the uptick will be driven by growing demand for smaller BEVs, which will increase market share from 20% to 30% while medium and larger BEVs will see market share decline from 45% to 30%.

More than 480 different EVs are now available in the UK, with Tesla again dominating the EV market last year with more than 50,000 registrations, 36,000 of which were Model Y.

Matt Freeman, Managing Consultant at cap hpi, said: “Overall alternative fuel vehicle volumes are forecast to increase with continued government intervention. The AFV share is expected to exceed new petrol registrations sometime in
2024, if all technologies are considered. Meanwhile, BEV volumes for 2024 are forecast to be slightly lower – 414k versus 439k.

“But we can expect a more diverse marketplace in the next two years, with new OEMs entering the market, and model ranges continue to expand. Additionally, the average size of batteries has now stabilised around the 60-90kWh sector, which dominates the market, suggesting it is the optimum size for most UK drivers.”