06 FEBRUARY 2023New car market records sixth consecutive month of growth with January registrations rising 14.7% as 131,994 new cars reach the road.Plug-in vehicles continue growth but chargepoint rollout fails to keep pace, challenging consumer confidence.Latest outlook anticipates 11.1% market uplift in 2023 to reach 1.79m units despite straitened economy and strained supply chains.Delivery of green goals in danger of delay without chargepoint mandates and action on VAT and VED..The UK new car market grew 14.7% in January to reach 131,994 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT), setting the tone for an anticipated countercyclical year of growth. This was the best start to the year since January 2020’s pre-Covid 149,279 units and marks the sixth successive month of expansion..Electrified vehicles notably drove the increase, as manufacturers continue to bring ever more choice to the market despite ongoing strains on the supply chains. Hybrid electric vehicles (HEVs) comprised 14.4% of new car registrations, increasing volumes by 40.6%. Meanwhile, battery electric vehicle (BEV) registrations rose 19.8% to reach 17,294 units, or 13.1% of new registrations – slightly below the average recorded for 2022.1 Plug-in hybrid vehicles (PHEVs) recorded a 0.7% rise, although their share fell to 6.9% of new cars reaching the road.2 As a result, one in five new cars registered in the month came with a plug..It was also a strong month for large fleet registrations, which increased by 36.8% to 69,540 units, while registrations by private buyers fell by -4.3% to 59,639 units – reflecting some easing of supply and evidence of how shortages last year distorted market performance. Registrations by businesses, the smallest segment at 2,815 units, rose by 45.6%..Plug-ins are anticipated to comprise of more than one in four new registrations this year, representing growth of 32.1% or approximately 487,140 units, and almost a third (31.0%) of the market in 2024 at 607,150 units3. However, the rollout of infrastructure needed to charge them is failing to keep pace..Click the link below to read the full press release.New car market defies national trend to deliver green growth
06 FEBRUARY 2023New car market records sixth consecutive month of growth with January registrations rising 14.7% as 131,994 new cars reach the road.Plug-in vehicles continue growth but chargepoint rollout fails to keep pace, challenging consumer confidence.Latest outlook anticipates 11.1% market uplift in 2023 to reach 1.79m units despite straitened economy and strained supply chains.Delivery of green goals in danger of delay without chargepoint mandates and action on VAT and VED..The UK new car market grew 14.7% in January to reach 131,994 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT), setting the tone for an anticipated countercyclical year of growth. This was the best start to the year since January 2020’s pre-Covid 149,279 units and marks the sixth successive month of expansion..Electrified vehicles notably drove the increase, as manufacturers continue to bring ever more choice to the market despite ongoing strains on the supply chains. Hybrid electric vehicles (HEVs) comprised 14.4% of new car registrations, increasing volumes by 40.6%. Meanwhile, battery electric vehicle (BEV) registrations rose 19.8% to reach 17,294 units, or 13.1% of new registrations – slightly below the average recorded for 2022.1 Plug-in hybrid vehicles (PHEVs) recorded a 0.7% rise, although their share fell to 6.9% of new cars reaching the road.2 As a result, one in five new cars registered in the month came with a plug..It was also a strong month for large fleet registrations, which increased by 36.8% to 69,540 units, while registrations by private buyers fell by -4.3% to 59,639 units – reflecting some easing of supply and evidence of how shortages last year distorted market performance. Registrations by businesses, the smallest segment at 2,815 units, rose by 45.6%..Plug-ins are anticipated to comprise of more than one in four new registrations this year, representing growth of 32.1% or approximately 487,140 units, and almost a third (31.0%) of the market in 2024 at 607,150 units3. However, the rollout of infrastructure needed to charge them is failing to keep pace..Click the link below to read the full press release.New car market defies national trend to deliver green growth
