October’s new automotive market grew by 14.3% to succeed in 153,529 registrations, 7.2% above pre-pandemic ranges and marking the perfect efficiency for the month since 2018, ¹ based on the newest figures from the Society of Motor Producers and Merchants (SMMT). ²

The fifteenth month of consecutive progress was pushed virtually fully by giant fleet registrations, which grew 28.8% to succeed in 87,479 models. Personal demand was secure at 62,915 autos, a 0.3% enhance, whereas the a lot smaller enterprise sector noticed registrations fall -15.2% to three,135 models. With the sustained enhance in new automotive registrations, total automobile uptake is now up 19.6% within the first 10 months, with the market at present having fun with its finest 12 months since 2019.

Electrified automobile uptake continued to speed up in October accounting for 37.6% of all new automotive registrations. Hybrid electrical autos (HEVs) grew 24.6% to succeed in 19,574 models, whereas plug-in hybrid autos (PHEVs) recorded the very best proportional progress, up 60.5% to 14,285 registrations. Battery electrical automobile (BEV) uptake elevated for the forty second month in a row, by 20.1% to 23,943 models.³ Given total market progress, nevertheless, this amounted to a BEV market share of 15.6%, a comparatively small rise from final 12 months’s 14.8%. Moreover, personal registrations accounted for fewer than one in 4 new BEVs this 12 months, underscoring the necessity for fiscal incentives for personal customers.⁴ Yr up to now, BEV volumes have risen 34.2% to account for 16.3% of latest registrations this 12 months, up barely from 14.6% this time final 12 months.

October’s plug-in automobile efficiency follows a major enhance in chargepoint rollout in Q3, which improved considerably relative to new plug-in automotive uptake. 4,753 new customary chargepoints got here on-line within the quarter, the most important ever quarterly supply. This equates to at least one new customary public chargepoint being put in for each 26 new plug-in automobiles reaching the highway between July and September, improved from 38 in the identical quarter final 12 months.⁵ Nonetheless, set up was disproportionately targeted on London and the South East, which obtained 4 out of 5 new chargepoints commissioned throughout the quarter – regardless of the area accounting for fewer than two in 5 new plug-in registrations throughout the identical interval.⁶ Compared, simply 13 chargers had been put in in Yorkshire and Humberside, whereas the North really had 105 chargers taken out of service.

With EV uptake significantly influenced by perceptions of chargepoint infrastructure availability and accessibility, motion needs to be taken to make sure extra equitable distribution and pricing for public charging. Lowering VAT on public charging to match dwelling use would imply these unable to put in their very own chargepoint – usually these in flats, terraces and rented lodging – would keep away from paying 4 instances the tax paid by those that can – usually those that personal homes with off-street parking. Binding targets for chargepoint rollout, according to these set for the automotive market by the Zero Emission Automobile Mandate and supported by the required modifications to planning and grid connections so desperately wanted, would additionally assist speed up set up, giving customers confidence in having the ability to cost when and the place wanted.

Mike Hawes, SMMT Chief Govt, mentioned,

With demand for brand new automobiles surpassing pre-pandemic ranges within the month, the market is defying expectations and driving progress. As fleet uptake thrives, significantly for EVs, sustained success relies on encouraging all customers to spend money on the newest zero emission autos. The Autumn Assertion is a key alternative for presidency to introduce incentives and facilitate infrastructure funding. Doing so would ship a transparent sign of assist for drivers, reassuring them that now could be the time to modify to electrical.

The newest market outlook has been revised upwards to mirror market progress greater than anticipated. Total new automotive registrations are anticipated to succeed in 1.886 million by the tip of the 12 months, an increase of two.1% on July’s expectations. Nonetheless, expectations for BEV uptake have been downgraded once more barely, by -1.7% to 324,000 models leading to an anticipated market share at 12 months finish of 17.2%.

Waiting for subsequent 12 months, the general market outlook for 2024 is marginally extra optimistic than beforehand anticipated, up 1.0% to 1.970 million models (a 4.4% rise on the 2023 outlook). With an absence of shopper incentives and an awesome dependency on fleet registrations for progress, nevertheless, BEV market share outlook has been revised down barely to an anticipated market share of twenty-two.3%, regardless of registrations anticipated to succeed in 439,000 models, a 35.5% enhance over 2023.

1 October 2018: 153,599
2 October 2019: 143,251
3 April 2020: BEV registrations fell -9.7%
4 YTD 2023 BEV registrations: 262,487; Personal BEV registrations: 62,478
5 Based mostly on SMMT evaluation of latest BEV and PHEV registrations
6 Based mostly on SMMT evaluation

SOURCE: SMMT