Forecast: Electric Vehicle Registrations in the UK

The UK has seen a significant rise in electric vehicle registrations since 2014, with a notable peak in growth around 2015 and 2017, which posted year-on-year increases of 96.57% and 32.65% respectively. By 2023, electric vehicle registrations stood at 86.37 thousand units, reflecting a 5.14% year-on-year increase and a 7.58% CAGR over the last five years. Following a slight decrease in 2022, the market showed resilience, regaining momentum in 2023. The forecasted CAGR from 2024 to 2028 is estimated to be 3.2%, indicating a stabilized but modest growth phase.

Future trends to watch for:

• Technological advancements in battery efficiency and longevity.
• Government policies and incentives promoting electric vehicles.
• Expansions in charging infrastructure across the country.
• Consumer acceptance and market penetration of electric vehicles versus traditional fuel models.
• Potential impacts from economic factors such as inflation and supply chain disruptions.