Demand for electric vehicle leasing surges 66% in Q3

Demand for electric vehicle leasing surges 66% in Q3

Taken together, leasing enquiries for new battery-electric vehicles (BEVs), plug-in hybrids (PHEVs) and hybrid vehicles increased 66% in Q3 compared to Q2 of this year, according to new figures from Leasing.com.

The three 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.

The strongest increase in demand was seen for BEVs, with leasing enquiries for these pure-electric vehicles 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.

“Our latest data shows the rapid transition that the UK new car market is now making to net zero,” said Paul Harrison, Head of Strategic Partnerships at Leasing.com.

“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.”

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

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.

Olly Goodall

Author:Olly Goodall
Date Updated:16th Nov 2021

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