In a remarkable shift, electrified vehicles have now captured over a third – precisely 35.4% – of the new car market, as per the latest statistics released by the Society of Motor Manufacturers and Traders (SMMT). The surge in demand for battery electric vehicles (BEVs) is evident, with a new BEV being registered every minute during the past month. This momentum is set to accelerate further, with the rate predicted to increase to one new BEV registered every 50 seconds by year-end. Notably, BEVs witnessed an impressive 87.9% surge, constituting 16.0% of all new registrations, in line with the trend seen throughout the year.
Anticipating the future trajectory, BEVs are projected to capture a 17.8% market share, equivalent to 330,000 units, albeit slightly lower than April’s forecast. Meanwhile, plug-in hybrid vehicles (PHEVs) are poised to secure a 7.2% market share, accounting for 134,000 units. The hybrid (HEV) segment witnessed volume growth, although its overall market share dipped to 11.3%, while PHEV registrations showcased a substantial 79.1% uptick, constituting 8.1% of the market share.
In broader terms, the overall new car market observed a robust 28.3% growth in July, boasting 143,921 new vehicle registrations. This expansion can be attributed to the gradual easing of supply chain challenges and production escalation. Though not yet at pre-pandemic levels, this surge marked the most significant growth since the summer of 2020, when pent-up demand following the initial Covid lockdown led to a surge in sales.
Concurrently, a noteworthy 3,056 public chargers were installed, signifying a ratio of one charger for every 35 new plug-in vehicles registered, compared to one in 58 last year. Mike Hawes, SMMT Chief Executive, emphasized the industry’s dedication to fulfilling the UK’s zero emission targets while stressing the need for incentivizing electric vehicle adoption across the country.
Melanie Shufflebotham, COO of Zapmap, welcomed the statistics as a clear indicator of the growing popularity of electric vehicles. She further highlighted the importance of government support in streamlining the process of buying, operating, and charging EVs. Shufflebotham also emphasized the positive trajectory in charging infrastructure, with the number of charging points and ultra-rapid devices witnessing substantial increases year-on-year.