Auto Trader’s latest Road to 2035 report – previously named Road to 2030 – has predicted how the new EV market share will evolve in the coming years.
Highlights from the report include Chinese brands claiming one-sixth of the UK electric car market by 2030. This steady growth saw a peak in interest for BYD models on the Auto Trader platform recently, following news that the brand’s global sales had overtaken Tesla for the first time.
Beyond the split between brands, the report also shares insights on vehicle pricing. The average discount on new electric cars hit 10.6% (Auto Trader internal data December 2023, compared to 7.7% for ICE) and there’s fierce competition for buyers as the used electric market grows and the government’s ZEV Mandate comes into force.
This means that buyers can expect to benefit from a price war in the electric car market in 2024 as manufacturers fight for market share amidst new government mandated targets and new Chinese competitors. China has now become the world’s biggest exporter of cars for the first time after overtaking Japan. The Report shows that in the UK, some new entrants have grown in recent years - Tesla was the first and now accounts for 3% of new car sales in the UK and MG’s focus on affordable electric cars has resulted in rapid growth and a 4% share of the market.
Under the ZEV regime, manufacturers must ensure 22% of their sales in 2024 are on zero-emission vehicles, or face fines on every sale that misses the target. This rises to 80% of registrations by 2030, while data shows that the current average share of electric sales across brands is just 16%. Additionally, the used EV market is seeing record demand as prices match petrol and diesel equivalents. With plenty more supply coming in 2024, buyers will have a lot more choice of second-hand EVs.
Auto Trader’s Road to 2035 Report is updated regularly; find the latest version at: Road to 2035 (autotraderroadto2035.co.uk).
