EVs and hybrids are projected to see major growth by 2028, with plug-in hybrids and hybrid electric vehicles increasing by 87.37%, and EVs rising by 177.45%. Petrol vehicles will see a minor decline of 5.97%, while diesel cars are set for a sharp drop due to emissions regulations, shifting production trends, and changing consumer habits.
Diesel registrations have already fallen dramatically, from 1.06 million in 2017 to just 123,000 in 2024. This trend is expected to continue, limiting the availability of newer diesel models in the used market.
While the EV market is expanding, challenges remain. Used EVs often struggle to retain value, as they are priced lower than internal-combustion-engined vehicles. Additional pressures, such as VAT on public charging, changes to benefit-in-kind rules for plug-in hybrids, which could rise from 8% to 24%, and vehicle excise duty, could further impact demand.
Uncertainty around future road pricing policies also casts a shadow over the sector, adding hesitation among buyers and investors in the used EV market.