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2024 Electric Vehicle Market Outlook

With the electric vehicle market moving at pace, the time has come for the Mer annual review. In 2024, we’ve seen many new EVs rolling off the production line; today we look at some of the best of them as well as providing our latest industry snapshot.
Row of electric vehicles charging by roadside

What is the EV Market Outlook in the UK?

One of the challenges faced in the UK for electric vehicle owners is the availability of charging stations. The past 12 months have seen investment from the government, and progress has occurred, but consumer hesitance remains.  

With that said, the numbers tell us that the British public is moving towards cleaner vehicles – both new and used.  

New Electric Vehicle Registrations: August ‘24

Recent statistics from SMMT confirm that the combined market share of new electric vehicle registrations is now at 39.1% comprised of:  

August 2024August 2023YOY % Change
Battery (BEV)17.2%16.4%10.5%
Hybrid (HEV)13.8%12.3%17. 9%
Plug-in (PHEV)8.1%6.8%24.9%

Over on the commercial side, electric vans saw less growth with a 5.3% share of all new registrations during August. This is not surprising given the added logistical issues that may arise. 

Used Electric Car Sales: Quarter 2, 2024

As well as seeing growth in the new EV sector, there is notable change in the used car market. In Q2 2024, used battery electric vehicles reached their highest point ever to a market share of 2.4%.  

Fortunately, there has also been an increase of 41% year on year of public charging points. At the end of last month, there were 68,273 of them registered across the UK which helps to instil confidence in drivers around the country. 

EV Battery Costs

This year has seen talk of price cuts and overcapacity issues in relation to EV batteries and storage. The topic is a hot potato, but indications support a ripple effect from the crash in battery prices in China.  

Whilst it may take a couple more years, the tipping point is in sight for EVs to be cheaper than petrol and diesel equivalents.  

New EVs in the UK this Autumn

If you are in the market for buying an EV, we have some ideas. Here is a selection of new electric models that are rolling off the production line in the coming months. 

Audi A6 Avant e-tron: 

On sale now, Audi’s first fully electric estate car is capable of travelling up to 435 miles between charges. Although the concept car plays with innovative technology –  turning headlights into projectors that display games and movies on surfaces when the car is parked – the road car simply delivers the quality Audi lovers have come to expect. 

BYD Seal U: 

Like the Audi, the Seal hit UK forecourts in September 2024 and offers a choice between the Boost or Design model. The maximum range is up to 671 miles for combined petrol and electric, and the EV-only range is 50 miles. 

Fiat Panda: 

With a simple interior design, the Panda is within a more affordable EV price bracket, and will give drivers 200 miles in range. 

Hyundai Ioniq 7: 

A 73kWh battery, a range of more than 300 miles, and self-driving technology. The latter is not everyone’s cup of tea, but this SUV is a good option as a family car. 

Renault 5: 

Voted by What Car? readers as most anticipated, this French classic offers entry level models with 134bhp electric motor and a 40kWh battery. Like the Fiat, the official range is 200 miles, with the larger 52kWh battery offering 249 miles per charge. 

The Commons Inquiry into EV Strategy 2024

We are aware that buying a new car is a huge decision, so it is worth recognising the common barriers to purchasing highlighted in this recent inquiry. 

Noteworthy in the context of our annual review are the comments from the House of Lords Environment and Climate Change Committee: 

“The strategy is constrained due to upfront cost, inadequate charging infrastructure, and consumer scepticism.” 

The full review, including the Labour government position, can be found here.  

Electric Vehicle Market Insights: Looking Ahead to 2025 

The end of this year is fast approaching, and we have one eye on 2025. So far, we know that Volkswagen, Maserati, and Kia are amongst the manufacturers lining up new models for next year.  

Overall, we expect to see the EV market evolve faster once consumer confidence in charging facilities increases, but for now, we anticipate steady growth within the next 12 months.  

Longer term, we believe that falling battery prices and the emergence of a second-hand market will lead to an uptick in EV ownership towards the end of the decade.  

As for us, our own contribution towards supporting industry growth lies in our expertise and flexible charging solutions.  

Whether you’re looking for public charging stations or to electrify your fleet, we are here to help.  

Mer UK

Isabelle Osborne

About the author

Isabelle is passionate about sustainability and the circular economy, and how we can drive positive change. After graduating from UCL in 2022, she joined Mer Public Charging as a Content Lead. Now Campaign Manager, Isabelle oversees marketing campaigns, leads content strategy, and writes editorial content, newsletters, case studies, and customer communications.

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