Subdued EV growth hinders green goals
London, 06 November 2023, (Oilandgaspress) – October’s new car market grew by 14.3% to reach 153,529 registrations, 7.2% above pre-pandemic levels and marking the best performance for the month since 2018, 1 according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). 2
The 15th month of consecutive growth was driven almost entirely by large fleet registrations, which grew 28.8% to reach 87,479 units. Private demand was stable at 62,915 vehicles, a 0.3% increase, while the much smaller business sector saw registrations fall -15.2% to 3,135 units. With the sustained increase in new car registrations, overall vehicle uptake is now up 19.6% in the first 10 months, with the market currently enjoying its best year since 2019.
Electrified vehicle uptake continued to accelerate in October accounting for 37.6% of all new car registrations. Hybrid electric vehicles (HEVs) grew 24.6% to reach 19,574 units, while plug-in hybrid vehicles (PHEVs) recorded the highest proportional growth, up 60.5% to 14,285 registrations. Battery electric vehicle (BEV) uptake increased for the 42nd month in a row, by 20.1% to 23,943 units.3 Given overall market growth, however, this amounted to a BEV market share of 15.6%, a relatively small rise from last year’s 14.8%. Furthermore, private registrations accounted for fewer than one in four new BEVs this year, underscoring the need for fiscal incentives for private consumers.4 Year to date, BEV volumes have risen 34.2% to account for 16.3% of new registrations this year, up slightly from 14.6% this time last year.
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