Market share of electric vehicles doubles in FY20

Market share of electric vehicles: In a landscape of stagnating new car sales, electric vehicle (EV) sales have soared. With further analysis by Pixie Energy on the Society of Motor Manufacturers and Traders (SMMT) figures* showing the market share of EVs almost doubling in the first half of the Financial Year FY20.

The below graph highlights the market share of electric vehicles, including Battery Electric Vehicles (BEVs), Plug-in Hybrid EVs (PHEVs), Hybrid EVs (HEVs), and Petrol and Diesel Mild-Hybrid EVs (MHEVs), has almost doubled since April.

Market share of electric vehicles doubles in FY20

Market share by fuel type for Q2 19 and Q3 19 of FY20

Tom Lusher, Analyst from Pixie Energy, said:

“Despite contending with the disruptive effect of Brexit, legacy confusion over fuel type following the Dieselgate Scandal, and recent uncertainty in the fleet space over future company car tax, EV sales have soared since the beginning of FY20.

“Interestingly, over the same period, diesel sales have fallen, down to 22.6%. Some may have expected this gap to be filled by petrol powertrains. However, EVs ­– in particular, BEVs – have stepped into the breach, making up the shortfall to some extent on total sales. In fact, sales for BEVs for the year-to-date for 2019 now stand at 25,072, significantly more the 15,472 sold in the entirety of 2018.

“There are several reasons behind the increased uptake of BEVs. The closure of the Plug-in Car Grant to PHEVs by the Office for Low-Emission Vehicles (OLEV) has directly led to an increase in BEV sales, which still receive a grant of £3,500. As well as this, developments in EV manufacturing are beginning to push the costs of BEVs downwards.

“Moving forward, the change to company car tax rates – 0% for zero-emission vehicles from April 2020 – will likely drive BEV sales higher. This is due to the fleets purchasing between 50% and 60% of new cars each year in the UK. EV market share is therefore only likely to increase from here on in.”

*Society of Motor Manufacturers (SMMT) – https://www.smmt.co.uk/2019/10/new-car-market-declines-in-first-nine-months-of-2019-as-brexit-fears-hold-buyers-back/

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