UK's EV Market In The Second Half Of 2022: What To Expect?

Brands to look out for, this fall: Tesla, KIA, Audi and BMW.

The stats for the Electric Vehicle (EV) market have seen a gradual to steep rise over the last three years. The numbers were immensely impacted by the pandemic over the years 2020 & 2021 but the fall of 2021 and the current year look promising for the market. Similar to the global trend, the UK Battery Electric Vehicles (BEVs) and the Plug In Hybrid Electric Vehicles (PHEVs) market has had a decent 1st and 2nd quarter of the current year. Collectively the market share for both forms of EVs may reach up to 30% by the year end.

Approximately 3% of the automobiles running in the UK currently, are electric. Figuratively, there are more than 1.2 million EVs including BEVs and the PHEVs on UK roads and the number may cross 2 million or the 4% mark by the end of the year. Despite the fact that the new EV car registrations in the UK have had a slow growth rate till March, the registrations numbers are shooting up and experts believe that the trend will continue to be similar moving ahead in this year. Likewise the charging infrastructure in the UK is building up with more than 32,000 charging stations across the UK till date, new stations are coming up which are expected to provide as many as 85,000 charging connectors with slow, fast and rapid fast categories by January 2023.

Looking at the major brands in the UK's EV market, Tesla has had the lead for the current year in terms of units sold followed by Kia Motors and Audi which are not far behind. A similar trend was seen last year with Tesla’s Model 3 being the most selling EV. The major factor that is giving Tesla a lead in the market can be attributed to the delivery time which is as low as a month compared to the delivery time of 6 to 12 months of its competitors in the market. Considering the increased demand in the market, if the competitors increase their production volume, it’s highly likely that the market share can have a different picture overall.

With delays in the much awaited Tesla’s Cybertruck, the company has no plans to launch any model this year. Talking about other major brands, Audi is coming up with their A6 Etron by year end which offers an output of 469 horsepower and reaching 0-62mph in just under 4 secs. With head on competition with Tesla Model 3 and BMW i4, the upcoming Mercedes Benz EQE boasts a 410 miles range in a single charge along with a body made from 100% recycled steel. Coming up with a sports themed electric car, KIA motors’ EV6 GT gives an output of 577 horsepower thus being a faster candidate in its category. This year also marks the launch of two BMWs in the EV category including the iX1 with an output of 600bhp and the i7 being in the luxury category with a similar output and a range of 400 miles in one charge.

Observing the statistical projections, It’s evident that the UK’s net zero target could be fairly achieved by 2030. Brands like Tesla, Ford, BMW and Mercedes Benz are rigorously trying to meet the demand with new models, along with new innovations from battery companies, new charging stations technology making EVs more affordable.