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EVs are set to continue their upward trend in 2023, according to research published by Cox Automotive.
The data firm has included market analysis from renewable energy company Myenergi in its latest AutoFocus newsletter, which suggests that EVs will be purchased in 2023 as quickly as manufacturers can produce them.
Myenergi head of external affairs Tom Callow is quoted as saying: "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 transactions of EVs this year.
"However, in a market of well over seven million new and used car sales, that means that if any more than 10% of the car-buying market wants to go electric in 2023, the simple fact is that there will not be enough supply to go around."
Amid this supply-constrained market, the used car parc is set to play a more critical role alongside new car sales, according to Callow.
He said: "Going electric is a virtual no-brainer for new car buyers, especially company car drivers. Plenty of electric vehicles are available for the price of the UK's average new car, and running costs for the vast majority of EV drivers will be lower thanks to a majority being able to rely on home charging.
"While it is still true that options are more limited for used car buyers, the picture is changing very quickly. This year should see a significant increase in the volume of electric cars hitting dealers and independent forecourts in the UK.
"This was made possible by impressive annual growth in new EV registrations in 2020 when the market grew by over 140% with more than 175,000 registered."
In addition, Callow said that increasing installation of solar panels at UK homes would help to mitigate high electricity costs, and further drive EV demand.
Cox Automotive insight and strategy director Philip Nothard said: "Despite being affected by supply constraints on wiring looms due to the global chip shortage and issues relating to the war in Ukraine, electric car registrations in 2022 increased by 21% from the previous year. Annual growth rates of around 30% are expected to continue for the next two years.
"Despite recent headlines suggesting that car manufacturers are slowing down their production of EVs, this seems counterintuitive given the projected demand for electric cars and the need for manufacturers to meet their fleet average emissions targets.
"However, the facts and forecasts are clear and indicate that electric vehicles will continue to thrive in 2023, though we must remain vigilant and not become complacent."
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