UK electric car ownership reaches 1 million
【Summary】The UK is expected to have one million electric cars on its roads by February 2024, according to forecasts by Cap HPI. Currently, there are nearly 900,000 pure battery electric vehicles (BEVs) in the country, with the majority being driven by the fleet sector. The growth in BEV registrations has been driven by incentives for fleet drivers, and further incentivization for private drivers is needed. In October 2023, the new car market saw a 14.3% growth, with BEVs increasing by 20.1% year-to-date.
According to experts at Cap HPI, it is forecasted that the number of battery electric vehicles (BEVs) on UK roads will reach one million for the first time by February 2024. As of October 2023, there were nearly 900,000 pure BEVs on UK roads, and it is expected that this figure will surpass one million within the next three months.
Matthew Freeman, managing consultant at Cap HPI, emphasized that BEV registrations are primarily driven by the fleet sector, with private registrations accounting for less than one in four new BEVs this year. This highlights the need for further incentivization for private drivers. However, it is predicted that February 2024 will mark the milestone of one million BEVs on UK roads for the first time.
In October, the new car market experienced a 14.3% growth, with 153,529 registrations. This is 7.2% higher than pre-pandemic levels in 2019, and it represents the best performance for the month of October since 2018, according to the Society of Motor Manufacturers and Traders (SMMT).
BEVs have seen a year-to-date increase of 20.1%, with 23,943 units registered, capturing a market share of 15.6%. Plug-in hybrids also experienced growth, with a 60.5% increase of 14,285 units in the month, now accounting for a 9.3% share. Hybrid electric vehicles saw an increase of 20.6%, with 19,574 units registered, representing a 12.7% market share.
It is worth noting that the 200% increase in BEV registrations between 2019 and 2020 has not yet been replicated.
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