Introduction
The UK’s electric car market is evolving rapidly, and keeping abreast of the latest trends is essential for dealerships looking to capitalise on this burgeoning sector. This week’s data offers invaluable insights into price trends, dealer activities, and the market’s overall trajectory, enabling UK automotive dealers to make informed decisions.
Market Overview
The latest data, ending 30th March 2024, reveals a slight dip in total electric listings from 123,557 to 123,191 week-over-week, with total electric car rooftops holding steady. This slight variation suggests a dynamic market where dealers need to remain agile.
Price Trends and Inventory Insights
The average price of electric vehicles (EVs) has seen a modest increase from £27,871 to £27,930. Such insights are crucial for dealers to adjust their pricing strategies in a competitive market.
Analysis of Price Bands
The data shows an increase in the volume of electric cars in the £0-10K and £10-20K price bands, indicating a growing market for more affordable electric vehicles. Conversely, the upper price bands have seen a slight decrease, suggesting a shift in consumer preference towards more economical options.
Dealership Inventory Dynamics
Most dealers hold electric inventories in the 0-100 and 101-250 bands, with significant stock volumes at the top 100 dealers. This concentration suggests that larger dealers are capitalising on the electric car market’s potential, maintaining a diverse range of options for consumers.
Top 100 Dealers vs. Others
The top 100 dealers have a lower average ‘days on market’ for electric cars compared to other dealers, indicating efficient sales strategies and higher demand within their inventories. Their average price is also higher, suggesting a focus on premium electric models.
Market Penetration and Consumer Preferences
Electric vehicles now account for 11.76% of the total market share, a slight increase from the previous week, highlighting a steady growth in consumer interest towards EVs.
Geographic and Seasonal Trends
Understanding regional preferences and seasonal demand can further optimise inventory and marketing strategies. Dealers should consider these factors when planning their stock levels and promotional activities.
Marketcheck UK’s Role
Marketcheck UK provides the data that underpins these insights, offering a comprehensive view of the UK’s used car market through advanced tools and analytics. By leveraging this data, dealers can refine their strategies, better meet consumer demand, and ultimately enhance profitability.
Conclusion
In conclusion, the small changes in dealers, DoM, listing prices, and price revisions indicate a fairly stable electric vehicle market within the studied period. However, the data also highlight significant opportunities, especially for dealers willing to run higher volume advertisements.
Next week: 6th April | Previous week: 23rd March