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The UK’s used automotive market declined in 2022, down -8.5% to six,890,777 transactions, in keeping with the newest figures printed as we speak by the Society of Motor Producers and Merchants (SMMT)
The UK’s used automotive market declined in 2022, down -8.5% to six,890,777 transactions, in keeping with the newest figures printed as we speak by the Society of Motor Producers and Merchants (SMMT). The efficiency noticed 640,179 fewer autos altering arms than in 2021, and stays -13.2% off 2019’s pre-pandemic complete, because the squeeze on new automotive provide – primarily as a result of world scarcity of semiconductors – restricted inventory getting into the second-hand market.1
Transactions elevated by 0.8% in December within the first month-to-month rise since February, and whereas This fall was down -4.3%, the third successive quarterly decline, it was not as steep as in quarters two (-18.8%) and three (-12.2%).2 This displays the renewed progress seen within the new automotive market, serving to extra autos enter used automotive inventory.
Gasoline Sorts
Used battery electrical automobile (BEV) transactions bucked the general development, recording their best-ever annual efficiency with a file 71,071 items discovering new house owners in 2022, an increase of 37.5%, and boosting their total market share to 1.0%, from 0.7% in 2021. Sturdy demand for different alternatively fuelled autos continued, too, with gross sales of hybrid electrical autos (HEVs) rising 8.6% and plug-in hybrid electrical automobile (PHEVs) transactions up 3.6%.3
Mixed, nevertheless, electrified autos represented simply 4.1% of the market (up from 3.3% in 2021) and whereas transactions of used diesel and petrol automobiles fell by -11.8% and -7.7% respectively, they remained the dominant powertrains with a mixed 6,594,880 items altering arms.4
Mike Hawes, SMMT Chief Government, mentioned,
Whereas the market headlines are adverse, and reflective of the squeeze on new automotive provide final 12 months, file electrified automobile uptake is a brilliant spot and demonstrates a rising urge for food for these fashions. With new automotive registrations progress anticipated this 12 months, extra of the newest low and nil emission fashions ought to turn into out there to second house owners. Accelerating uptake is vital and shall be depending on drivers being assured of a constructive possession expertise. This implies guaranteeing charging infrastructure retains tempo with demand as extra new and used automotive patrons make the swap to zero emission motoring than ever earlier than.
Used automotive patrons went again to black because it proved to be the preferred color for the 12 months, accounting for a fifth (21.6%) of the market. Blue ranked second, with 16.4% share, and, regardless of gray topping the brand new automotive market, it ranked third for used automobiles at 16.3% market share. Some patrons opted so as to add a splash of color to their journeys, with 4,461 pink, 6,708 turquoise and 18,658 bronze used automobile transactions through the 12 months.
Market Segments
When it comes to market segments, all sectors noticed transactions decline apart from twin goal, which was the third hottest physique sort, recording a small progress of 0.8% as simply over 1,000,000 modified arms. Superminis as soon as once more took the title for hottest phase, taking a 3rd of the market (32.3%) regardless of recording a -9.0% fall in volumes. Following behind, decrease mediums have been the second hottest and have been answerable for 26.3% of the market, but in addition famous a -9.6% decline. The smallest quantity phase sort was luxurious saloons with a 0.6% market share.
1 2019 FY efficiency – 7,935,105 transactions
2 December used automotive transactions: 415,036 items
3 HEV efficiency: 155,055 items; PHEV efficiency: 55,053 items
4 2022 mixed electrified automobile efficiency: 281,179 transactions
SOURCE: SMMT
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