UK: BEV market share drops in March
That is also because the number of overall new car registrations was on the rise in March, growing more than 10 per cent YoY. For example, the number of plug-in hybrids even grew by 36.7 per cent YoY, from 17,933 to 24,517 units. This type of drive saw the highest overall growth (percentage-wise), followed by full hybrids.
These figures come from the Society of Motor Manufacturers and Traders (SMMT), a UK trade association representing the UK automotive industry.
Still, looking at just the numbers in March, the SMMT warns that “The fall in BEV market share within a growing market underscores the need for government to support consumers to speed up fleet renewal. Large fleets continue to drive BEV uptake, thanks to compelling tax incentives but while registration volumes increased in March, market share declined.”
| New car registrations in the UK in March | 2024 | 2023 | % change | Mkt share -24 | Mkt share -23 |
|---|---|---|---|---|---|
| Diesel | 23,312 | 23,968 | -2,70% | 7.3% | 8.3% |
| Petrol | 177,019 | 162,146 | 9.2% | 55.7% | 56.3% |
| BEV | 48,388 | 46,626 | 3.8% | 15.2% | 16.2% |
| PHEV | 24,517 | 17,933 | 36.7% | 7.7% | 6.2% |
| HEV | 44,55 | 37,252 | 19.6% | 14.0% | 12.9% |
| TOTAL | 317,786 | 287,825 | 10.4% |
Source: SMMT
In terms of total number, petrol cars still take the lead in the UK with a total of 177,019 new units registered last month. That is a plus of 9.2 per cent compared to last year.
Looking at the first quarter of 2024, there is little change in terms of market share compared to last year. Only diesel vehicles lost about a percentage point, while PHEVs gained one. The market share of pure battery-electric vehicles even grew slightly from 15.4 per cent in Q1/2023 to 15.5 per cent in Q1/2024.
“Market growth continues, fuelled by fleets investing after two tough years of constrained supply. A sluggish private market and shrinking EV market share, however, show the challenge ahead,” says SMMT Chief Executive Mike Hawes. “Manufacturers are providing compelling offers, but they can’t single-handedly fund the transition indefinitely. Government support for private consumers – not just business and fleets – would send a positive message and deliver a faster, fairer transition on time and on target.”
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