United Kingdom’s new car market grew by 11.6% to 132,990 registrations in April, marking its ninth straight month of growth, per the Society of Motor Manufacturers and Traders (SMMT).
In addition, the report indicated that while volumes are still -17.4% lower than in 2019, this latest result represents the country’s greatest April since 2021’s record of 141,583 units.
UK car registrations – April 2023
Per fleet
SMMT data shows that large fleet registrations had a year-on-year growth of 33.1% to 68,537 units in April, as the auto market stabilized after 2022’s poorer volume growth.
Meanwhile, private buyer deliveries declined by 5.5% YoY to 61,342 units. In addition, business fleets recorded a 13.3% YoY growth to 3,111 registrations.
Year to date, the UK car market enjoyed a 16.9% YoY increase to 627,250 registrations in April.
Refer to the table attached below:
Per powertrain
According to the report, petrol-powered vehicles continued to be the most popular, with a whopping 58.1% market share.
Nonetheless, battery electric vehicles (BEV) retained their position as the second best-selling fuel type, recording over 20,522 deliveries and 15.4% market share.
Meanwhile, plug-in hybrid vehicles (PHEVs) had a YoY growth of 33.3% to 8,595 registrations. Hybrid electric vehicles (HEVs) grew 7.7% YoY to 15,026 registrations.
Overall, electric vehicles contributed over one in every three registered cars in April.
Change in quarterly market outlook
SMMT suggests that the whole market has increased by 16.9% in the first four months as supply chain pressures have alleviated. The year has gotten off to the strongest start since the COVID-19 pandemic, with growth totaling £3.2 billion.
Since 2021, there has not been a positive change to the quarterly market estimate. However, with these recent results, 1.83 million new car registrations are now projected to occur in 2023, up from the 1.79 million predicted in January. Accordingly, 13.5% market growth is anticipated this year, the largest percentage increase since 1983.
However, the sector is apparently less upbeat regarding BEV demand growth. According to the report, its 2023 market share outlook was lowered to 18.4% from 19.7% due to expensive energy costs and a lack of charging infrastructures.
In addition, the report also indicated that the latest 2023 outlook for BEVs market share is lowered to 22.6% from the 23.3% estimate in January.
See Also:
- UK: Electric and hybrid cars account for more than a third of the overall car market
- UK: Plug-in car sales consistently increased in February 2023
- UK’s electric-vehicle revolution stalls: Industry experts say Britain is falling short of US and Europe in EV race
- UK: Plug-in car sales grew 12% in January 2023
- 10 Best EVs arriving in the auto market before 2030
Indeed, greater and speedier investment in EV infrastructure is necessary with the implementation of a zero-emission vehicle mandate in 2024. Moreover, additional incentives are also crucial to urge more customers to adopt EVs.
“The new car market is increasingly bullish, as easing supply chain pressures provide a much-needed boost. However, the broader economic conditions and chargepoint anxiety are beginning to cast a cloud over the market’s eagerness to adopt zero emission mobility at the scale and pace needed. To ensure all drivers can benefit from electric vehicles, we need everyone – government, local authorities, energy companies and charging providers – to accelerate their investment in the transition and bolster consumer confidence in making the switch.”
SMMT CEO Mike Hawes
