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Huge growth in demand for EV leases

The huge overall growth in demand for new electric vehicles between July-September 2021 was the result of growth in the individual BEV, plugin and hybrid segments. Those three electric vehicle segments recorded a combined sales enquiry market share on Leasing.com of nearly a third (32.1%) in Q3, up from under a quarter (22.9%) in Q2.
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November 16, 2021

TOTAL leasing enquiries on new electric vehicles – incorporating battery electric vehicles (BEVs), electric plugin and electric hybrid vehicles – grew 66% in Q3 compared to Q2 of this year, according to new data from Leasing.com.

The huge overall growth in demand for new electric vehicles between July-September 2021 was the result of growth in the individual BEV, plugin and hybrid segments. Those three electric vehicle segments recorded a combined sales enquiry market share on Leasing.com of nearly a third (32.1%) in Q3, up from under a quarter (22.9%) in Q2.

Demand for electric plugins grew by 43% in Q3 with consumers and businesses enquiring on the Cupra Formentor, Volvo XC40 and Seat Leon more than any other plugins on the car leasing comparison website.

Demand for electric hybrids grew 51% in Q3 compared to Q2, with the Toyota RAV4, Hyundai Tucson and Toyota C-HR the top three most popular hybrids on Leasing.com.

However, the strongest increase in demand was seen for BEVs with BEV leasing enquiries growing 87% in Q3 versus the previous quarter. BEV sales enquiries also surpassed diesel vehicles in Q3 as new car diesel demand continued its downward trend. The Volkswagen ID.3, Tesla Model 3 and the Hyundai Kona were the three most popular BEVs.

The growth in BEV adoption is echoed across the wider market with the European Automobile Manufacturers’ Association reporting that electrified vehicles made up a third of EU vehicle sales with pure electric models seeing sales figures growing by 57% in Q3.

When contrasted against the earlier years of electric vehicles, sales are rising at such a rate manufacturer are seeing BEV models selling in record numbers almost as soon as they hit the market, something brands such as Hyundai, Lexus and Toyota experienced with the launch of their most recent models.

Paul Harrison, Head of Strategic Partnerships at Leasing.com, said: “Our latest data shows the rapid transition that the UK new car market is now making to net zero. Nearly a third of our total Q3 sales enquiries were for electric vehicles. Battery electric vehicles saw the fastest rate of growth and it continues to accelerate as motor manufacturers expand their offering. These figures underline the importance of the leasing sector to BEV adoption.”

Top 10 BEV manufacturers by enquiry volumes in Q3 2021

  1. Volkswagen
  2. Hyundai
  3. Tesla
  4. Nissan
  5. KIA
  6. Lexus
  7. Renault
  8. Audi
  9. BMW
  10. Vauxhall

Meanwhile, a new kerbside electric vehicle (EV) charging webinar has been announced by the Association of Fleet Professionals (AFP) as fleet interest in the subject soars.

Taking place at 9am on Wednesday December 15, it will feature AFP chair Paul Hollick leading a discussion featuring members of the industry body’s new Kerbside Charging Group.

This includes fleet managers from many major organisations who are committed to rapid electrification of their operations including Royal Mail, Centrica, OpenReach, ISS, DEFRA, Kier, Mitie, VM O2, Marston Holdings, Capita, National Grid, SSE, Speedy Hire, J Murphy and Clarion Housing.

Hollick, said: “Since the formation of the new group in October, we have received massive interest from all kinds of fleets. It is no exaggeration to say that we are seeing interest in kerbside charging soar.

“There is a fundamental reason for this – for many businesses, it is the single largest hurdle to EV adoption, especially when it comes to electric vans. If a driver lives in an apartment or a terraced house with no driveway, the installation of kerbside charging is crucial.

“The group believes that although it is generally believed 40% of drivers do not have a driveway, that for commercial vehicle drivers, this figure is closer to 70%.”

Hollick said that the key task facing the group – and the likely core of the discussion at the webinar – was the creation of a national map showing where kerbside charging was needed that can be used as a guide for future provision.

Paul added: “We are in the process of a massive data gathering exercise among operators from both within and outside the AFP to gather postcode information for potential and existing EV drivers who need access to a kerbside charger.

“This is, we believe, an essential task and should open the door to much more widespread fleet EV adoption, much faster, than would occur if government and charging companies were simply trying to estimate where provision was required.

Thinking of the switch to electric?

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Chris Wright

Chris Wright

Chris Wright has been covering the automotive industry nationally and internationally for 30 years. Following spells with consumer titles he became News Editor of Automotive Management (AM), Editor of Automotive International, International Editor for Detroit-based Automotive News, and Editor of Dealer Update. He has also co-authored several FT Management Reports and contributes regularly to Justauto.com

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