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Market growth led by Electric Vehicles

Growth, albeit marginal, is the first seen since February, with some 68,858 new vehicles joining the road during what is typically the second quietest month of the year as many buyers choose to wait for a ‘new’ numberplate in September.
SMMT-Car-regs-summary-graphic-Aug-22

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5 September 2022

 

Despite ongoing material and vehicle supply issues, electric vehicle adoption levels continue to show no signs of slowing down as many more drivers realise the potential of making the switch to electric.

Henry Duff, Director of Net Zero at British Gas, said: “While the continued growth is encouraging, we must ensure that the UK’s charging network is ready for drivers to access reliable, convenient and easy to operate charge points. Significant inroads have already been made to install charge points at work and leisure destinations, but the roll out of chargers closer to driver’s homes will unlock the potential for many more EVs being adopted.”

THE UK new car market rose by 1.2% in August, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).

The growth, albeit marginal, is the first seen since February, with some 68,858 new vehicles joining the road during what is typically the second quietest month of the year as many buyers choose to wait for a ‘new’ numberplate in September.

Growth in the month was driven primarily by battery electric vehicles (BEVs), which recorded a 35.4% increase in volumes and a 14.5% market share. However, growth in this segment is slowing, with a year-to-date increase of 48.8%, whereas at the end of Q1, BEV registrations had been up by 101.9%.

Plug-in Hybrid (PHEV) registrations fell by 23.1% to comprise 5.6% of monthly registrations. As a result, plug-in vehicles accounted for one in five (20.2%) of August’s registrations. Hybrid electric vehicle registrations remained relatively stable, falling by 0.7%.

Year to date, registrations are down by 10.7% on last year at 983,099 units – more than a third (35.3%) lower than during the first eight months of pre-pandemic 2019 – demonstrating the scale of the challenge ahead in terms of recovery.

 

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