EVs energise UK's October new car market

04 NOVEMBER 2022

• October new car registrations rise 26.4% in third month of growth, with hybrid and battery electric vehicles driving uplift.

• Despite bumper month, market on course for weakest year since 1982 but recovery expected to continue in 2023.

• Plug-ins account for 21.5% of new registrations but infrastructure rollout risks hampering government zero emission ambition.

The UK new car market recorded a third month of growth in October, with registrations rising by more than a quarter (26.4%) to 134,344 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).

Fulfilment of strong order books helped deliver the bounce-back, although the increase follows a particularly disappointing October 2021 when deliveries fell by -24.6%.¹ 

In the year to date, the market is down -5.6% on the same period in 2021, but still a third below pre-Covid levels.²

Growth in October was driven primarily by large fleet registrations, which grew 47.4% to 67,911 units, while those by private buyers rose 7.4% to 62,714.

Smaller businesses recorded a 108.6% increase although, at 3,719 units, this is a small segment of the market.

Zero emission capable car deliveries continued to grow in volume, with battery electric vehicle (BEV) registrations increasing by 23.4% to 19,933 and plug-in hybrids (PHEVs) by 6.2% to 8,899.

However, BEV uptake grew by less than the overall market for the first time since the pandemic, meaning October is the first month to see BEV market share fall year on year since May 2021, primarily attributable to supply challenges.

Deliveries of hybrid electric vehicles (HEVs), meanwhile, rocketed 81.7% to account for more than one in 10 new cars, as supply was prioritised for a raft of popular new models. Overall, electrified vehicles accounted for one in three registrations, while more than a fifth (21.5%) came with a plug.

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