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Home » Analysis » Market Analysis » UK Weekly Used Electric Car Market Data – 23th December 2023

UK Weekly Used Electric Car Market Data – 23th December 2023

Key Points

  • The total number of Electric Vehicle (EV) dealers and rooftops has increased marginally from 16th to 23rd December 2023, signaling a growth trend in the EV market.
  • A slight increase in the Days on Market (DoM) average was observed, demonstrating a longer duration for EV listings on the market.
  • The price bands analysis depicted a significant rise in the £10,001-£20,000 category, suggesting a surge in mid-priced EVs in the market.
  • A slight increase in the number of dealers with over 1,000 adverts was observed, indicating a more aggressive marketing approach from these dealers.
  • A slight uptick in stock volumes and DoM was recorded amongst the top 100 dealers, while the average price showed a marginal decrease, indicating a competitive market.

Total Market Analysis

The recent electric car market data reveals an interesting picture. From 16th to 23rd December 2023, the total number of EV dealers and rooftops saw an increase, with dealers rising from 4,068 to 4,107, and rooftops from 7,033 to 7,097. This growth paints a positive image of the expanding EV market.

Days on the Market (DoM) Average

The Days on Market (DoM) average, representing the length of time listings spend on the market before being sold, showed a slight rise from 70 to 71 days. While not significant, the small increase suggests a slightly more challenging market for EV sellers.

Breakdown of Listings by Price Bands

Breakdown of EV listings by price bands
The breakdown of listings by price bands indicates a considerable increase in the £10,001-£20,000 category. This growing demand for mid-priced EVs could present new opportunities for dealers.

Number of Dealers by Advert Volumes

Number of EV dealers by advert volumes
The analysis of dealers by advert volumes witnessed a growth in dealers advertising more than 1,000 commercials, signifying a more aggressive marketing strategy from these dealers.

Analysis of Top 100 Dealers by Volume

Analysis of top 100 EV dealers by volume
Among the top 100 dealers, stock volumes swelled slightly, along with a slight uptick in DoM. However, the average price declined marginally, suggesting a highly competitive market.

Price Revision Data – Changes to Advert Prices

The price revision data showed more decreases than increases in advert prices, depicting a market coping with demand and supply issues, but still showing potential for profitable business.

Conclusion

In conclusion, the analysis offers vital insights for dealers and potential investors. Despite minor challenges, the EV market in December 2023 remains promising, revealing key opportunities for mid-priced EVs and increased marketing efforts.