1 million electric cars in UK
【Summary】UK is expected to have one million electric vehicles (BEVs) on its roads by February 2024, with fleet registrations driving the growth. Private registrations account for less than 25% of new BEVs this year. October 2023 saw nearly 900,000 pure BEVs on UK roads, and it is projected to surpass one million in the next three months. In October 2023, the new car market experienced a 14.3% growth, with BEVs growing by 20.1% year-to-date, taking a 15.6% market share.
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 already 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, a managing consultant at Cap HPI, highlighted that the majority of BEV registrations are being driven by the fleet sector, with private registrations accounting for less than one in four new BEVs this year. This indicates the need for further incentivization for private drivers. However, it is predicted that February 2024 will mark the milestone of having 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 figure is 7.2% higher than pre-pandemic levels in 2019 and represents the best performance for the month of October since 2018, according to new figures published by the Society of Motor Manufacturers and Traders (SMMT).
BEVs saw a year-to-date increase of 20.1%, with 23,943 new registrations, capturing a market share of 15.6%. Plug-in hybrids also experienced growth, with an increase of 14,285 (60.5%) in the month, now accounting for a 9.3% share. Hybrid electric vehicles saw an increase of 19,574 (20.6%), representing a share of 12.7%.
It is worth noting that the 200% increase in BEV registrations observed between 2019 and 2020 has not been repeated.
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