Cap hpi consulting’s quarterly review of the EV market, PowerUP, found that consumers saw a 626% increase in variants over the last three months of 2020 and 2024 – up 66% in the past 12 months.
The volume of BEV brands in the UK increased by 95% over the past four years compared with the 14% growth in volume over the same period between Q3 2023 and 2024. The number of BEV models on the market between 2020 and 2024 grew by 246% and, for the past 12 months, increased by 39%.
Matt Freeman, managing consultant at cap hpi, said: “We’ve seen big shifts in the BEV market since 2020, the main reason for this being an unprecedented variety of dependable EV options, with around 132 new EV models available in the UK as of January, accounting for a third of all new cars available.
“Manufacturers have offered attractive discounts to stimulate EV sales, making them more appealing to consumers.
“The improving cost-effectiveness of EVs is also a major factor in increased demand, with some used models now matching or undercutting equivalent petrol models on price.”
The research suggested that more of the recent BEV volume in the UK car market is found in smaller car segments such as superminis and city cars.
The UK BEV market’s expansion and diversification is supported by range, affordability and charging infrastructure rollout.
Freeman said: “The UK’s ZEV mandate, which requires 28% of new car sales to be zero-emission vehicles in 2025, is driving manufacturers to expand their EV lineups.
“The entry of Chinese manufacturers such as BYD and Leapmotor into the UK market will likely further diversify the available models and variants.”
