UK's Electric Car Parc Nears 1 Million
【Summary】UK is expected to have one million electric vehicles (BEVs) on the roads by February 2024, according to experts at Cap HPI. Fleet sector is driving BEV registrations, while private registrations account for less than 25% of new BEVs. October 2023 saw nearly 900,000 BEVs on UK roads, and the figure is predicted to surpass one million in the next three months. The new car market in October 2023 experienced a 14.3% growth, with BEVs growing by 20.1% year-to-date.
According to experts at Cap HPI, the number of battery electric vehicles (BEVs) on UK roads is expected to reach one million for the first time by February 2024. As of October 2023, there were nearly 900,000 pure BEVs in the country, and it is projected that this figure will surpass one million within the next three months.
Matthew Freeman, a managing consultant at Cap HPI, highlighted that the majority of BEV registrations are driven by the fleet sector, with private registrations accounting for less than one in four new BEVs this year. This emphasizes the need for further incentivization for private drivers. However, the prediction is that by February 2024, the milestone of one million BEVs will be reached on UK roads.
In October, the new car market experienced significant growth, with a 14.3% increase in registrations compared to the previous year. According to the Society of Motor Manufacturers and Traders (SMMT), there were 153,529 registrations, which is 7.2% higher than pre-pandemic levels in 2019. This marks the best performance for the month of October since 2018, with 10,251 more units registered than four years ago.
BEVs saw a year-to-date increase of 20.1%, with 23,943 new registrations in October. They now hold a market share of 15.6%. Plug-in hybrids also experienced growth, with a 60.5% increase of 14,285 units registered in the month, giving them a 9.3% market share. Hybrid electric vehicles saw a 20.6% increase of 19,574 units, accounting for a 12.7% market share.
It is worth noting that the 200% increase in BEV registrations observed between 2019 and 2020 has not yet been replicated.
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