Home Automotive Used EVs post fastest growth as market recovers in Q1, says SMMT

Used EVs post fastest growth as market recovers in Q1, says SMMT

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Used EVs post fastest growth as market recovers in Q1, says SMMT

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The UK’s used automobile market rallied with 4.1% development in Q1 and electrical autos (EVs) have been the quickest rising sector, up by 56.5%, in response to the most recent information from the SMMT.

The general development in Q1 for used vehicles follows three successive quarters of decline.

The SMMT’s information exhibits 1,847,149 transactions happened, with 72,798 further vehicles altering palms in contrast with the identical interval in 2022, as development within the new automobile market improved availability.

In the perfect begin to a 12 months since 2020, used automobile gross sales posted sturdy development in every month as demand continued to recuperate post-pandemic, with rises of three.6% in January, 4.4% in February and 4.3% in March.

Nevertheless, Q1 transactions stay -8.6% under pre-pandemic ranges, reflecting the continuing impression of provide challenges and shopper sentiment in gentle of the financial backdrop.

Battery electrical autos (BEVs) have been the quickest rising powertrain, with transactions rising 56.5% to 26,257 models, representing 1.4% of the market – up from 0.9% final 12 months.

Plug-in hybrids (PHEVs) additionally modified palms in better volumes, rising 13.9% to 16,006 models. Because of this, plug-ins comprised 2.3% of gross sales, up from 1.7% final 12 months as growing numbers of zero emission autos entered the second-hand market. Hybrids (HEVs) additionally grew, by 38.2% to 49,182 models.

Whereas demand for used electrified autos continues to develop, standard powertrains stay dominant, with petrol transactions rising 4.5% to 1,048,015 models and diesel gross sales up marginally by 0.2% to 706,282 models. Mixed, ICE vehicles accounted for 95.0% (1,754,297 models) of the market, a fall of 1.2 share factors on final 12 months.

Superminis lead automobile sort

Superminis remained the most well-liked automobile sort at nearly 600,000 transactions. 

Nevertheless, regardless of posting quantity development of three.3%, market share slipped to 32.3%.

Rounding off the highest three automobile sorts have been decrease medium, at 26.5% of the market, and twin goal, with a 15.5% share – after recording the most important quantity development, at 15.1%. The three segments accounted for nearly three quarters of all vehicles offered (74.3%). On the different finish of the dimensions, luxurious saloons recorded the steepest fall, at -7.3%.

Black was as soon as once more the most well-liked used automobile color, equating to greater than a fifth (21.4%) of gross sales. Gray, final 12 months’s hottest color for brand new vehicles, took second place, knocking blue again into third.

Silver/aluminium – as soon as high of the rostrum – in addition to inexperienced and beige have been the one colors to say no within the high 10 rating fourth, seventh and tenth and falling by -1.8%, -2.3% and -0.7% respectively.

Mike Hawes, SMMT chief govt, mentioned: “Easing provide chain challenges have reenergised new automobile registrations, unlocking availability within the used market and, importantly, delivering extra zero emission succesful autos to second and third house owners.

“Sustaining that development is important for our environmental objectives, which implies bolstering the brand new automobile market to drive provide to the used sector.

“Infrastructure rollout should additionally enhance – and at pace – with reasonably priced and dependable charging important if extra used patrons are swap to the most recent and cleanest out there autos.”

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