2021: The year that saw victory for voltage
2021 will be remembered for many reasons in the automotive industry. It was a year when we saw unprecedented consumer demand, a shortage of new cars brought about by the ongoing chip shortage and a year when we saw used car prices soar.
But of all the developments in our industry last year, none was so significant than the growth we saw in electric vehicles.
New electric car sales take off, as does interest
The Society of Motor Manufacturers and Traders reported a record year for new EV registrations in 2021, with new battery electric vehicles sales up by a staggering 76.3% year-on-year to over 190,000 vehicles[1], the highest growth rate of any fuel type in 2021.
This staggering growth in new EV sales is reflected on our platform as well where, through 2021, we’ve seen a huge growth in the volume of consumers viewing new electric vehicles. At the start of 2021 just 5% of all new car advert views were for an electric vehicle but right now we are seeing 1 in 5 of all new car advert views now being for an electric vehicle.
There are several factors that have caused this growth with the upcoming 2030 ban on new petrol and diesel sales, along with increasing environmental concerns and the fallout from the great fuel shortage of late 2021 all contributing factors.
However, 2021 also saw a plethora of new and innovative electric vehicles enter the market which undoubtedly led to a rise in interest in consumers. In fact, 2021 saw a new EV enter the market every 10 days, with around 30 models launched, and we can see that most of these new entrants drew significant attention on our marketplace, with most of the top 10 most viewed new EV adverts being for models released in 2021.
Not just new cars
It’s not just in new cars that we are seeing growth in appetite for EVs. In fact, the proportion of used car advert views that are for electric vehicles is currently 54% higher than this time last year and, as the availability of used EVs increases, we expect this to grow rapidly through 2022.
But, whilst the availability of used EV stock compared to petrol and diesel stock is comparatively small, we have seen a clear appetite among consumers for used EVs.
Data from our Fastest Selling Index, which tracks the potential speed at which vehicles will sell based on live supply and demand in the market, shows that there was a clear demand for reasonably priced electric vehicles in 2021with the 2016 Nissan Leaf being the fastest selling used car of any fuel type. The Nissan Leaf is closely followed by the all-electric Renault Zoe, which was leaving forecourts in just 20 days at the end of last year. On average, a used EV can expect to sell in just 21 days right now, 12 days faster than the average time it takes to sell a used petrol vehicle and two days faster than a used diesel vehicle.
With so much movement going on in the EV sector, we’ve pulled together our The Road to 2030 report which includes the latest data and insights on the EV market including details of what needs to be done to drive EV uptake as we approach the 2030 ban on petrol and diesel sales.
Do you think we’ll continue to see EVs go from strength to strength in the year ahead? Let us know your thoughts in the comments.