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2023 looks set to be a strong year for EV sales with demand despite supply constraints.
That’s the view of renewable energy specialist myenergi, featured in Cox Automotive’s quarterly automotive insights update, AutoFocus.
Tom Callow, head of external affairs at myenergi, said that EV’s lower operating costs, wider availability and increasing number of domestic solar installations are the main factors that make EVs attractive to buyers.
“With 483,000 new electric cars expected to be registered in 2023 and perhaps as many as 200,000 used electric cars changing hands, we may see around 700,000 EV transactions this year.
“However, in a market of over seven million new and used car sales, that means if more than 10% of the car-buying market wants to go electric by 2023, the simple fact is that there will not be enough supply. to get around.”
Philip Nothard, director of insights and strategy at Cox Automotive, said: “Between 2010 and 2022, around 1.1 million electric cars have been registered in the UK, and an estimated 1.1 million more will be registered by the end of 2024, according to SMMT.
“Despite being affected by supply constraints on cable looms due to a global chip shortage and problems related to the war in Ukraine, electric car registrations in 2022 increased by 21% from the previous year. An annual growth rate of around 30% is expected to continue over the next two years.”
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