London, 05 December 2023, (Oilandgaspress): – The UK new car market grew by 9.5% in November to reach 156,525 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). In the market’s best November for four years, registrations almost returned to pre-pandemic levels, down just 96 units (-0.1%) on 2019.1
Growth was driven entirely by fleets investing in the latest vehicles, with registrations rising 25.4% to account for 93,049 units and 59.4% of the market. Private demand was depressed, dropping -5.9% to 60,506 registrations, while business uptake fell -32.7% to 2,970 units. Year to date, however, the overall market remains up 18.6% at 1.762 million units, with a return to growth in the corporate market fuelling a recovery that has been underway for 16 months.
November proved a strong month for both hybrid electric vehicles (HEVs) and plug-in hybrid vehicles (PHEVs), rising by 27.8% and 55.8% respectively. Fleets also continued to transition to battery electric vehicles (BEVs), buoyed by compelling tax incentives. Of the 24,359 new BEVs reaching the road in November, 77.4% were taken on by fleets and businesses. While overall BEV volumes fell by -17.1%, leading to a reduced market share of 15.6%, last November was atypical with significant deliveries following supply chain disruptions. Year to date, BEV uptake is up 27.5% with a 16.3% market share – expected to rise to 22.3% next year.2
However, with new regulation coming into force in January mandating that 22% of each manufacturer’s new vehicle registrations must be zero emission, sustained recovery depends on inspiring consumers with fiscal incentives, as well as greater investment in essential charging infrastructure that gives drivers confidence. Halving VAT on new BEVs and reducing VAT on public charging to 5% in line with home charging would increase the attractiveness of driving electric and make the zero emission transition more accessible to a larger number of consumers.
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