The industry has emphasized the necessity of electric vehicle incentives as the market share of battery electric vehicles decreases despite reaching record-high registration levels.
The Society of Motor Manufacturers and Traders (SMMT) has announced a 10.4% surge in new car registrations for March, marking the strongest performance since 2019 and extending the growth streak to 20 consecutive months.
This increase is primarily driven by fleet investments.
However, industry observers are advocating for incentives to accelerate the adoption of electric vehicles (EVs), as the growth of battery electric cars (BEVs) stagnates despite reaching record-high registration figures.
Hybrid electric vehicles (HEVs) experienced significant growth, hitting record levels with a 19.6% increase, while plug-in hybrids also saw a notable rise of over a third.
Nonetheless, BEVs’ market share declined by 1% compared to the same period last year, comprising 15.2% of all new registrations.
Mike Hawes, Chief Executive of SMMT, remarked: “While the market continues to expand, driven by fleet investments after two challenging years of constrained supply, a sluggish private market and diminishing EV market share present significant challenges.
Manufacturers are offering attractive deals, but cannot sustainably fund the transition on their own. Government assistance for private consumers – not just businesses and fleets – would signal support and facilitate a swifter, fairer transition to electric vehicles.
” Kim Royds, Mobility Director at Centrica, commented: “The launch of the new number plate has led to an increase in new car registrations, particularly in the electric vehicle market.
EVs have been progressively gaining market share since the beginning of the year as more drivers recognize the benefits of electric vehicles. However, the challenge lies in encouraging all motorists to make the switch.
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To achieve this, we must address the disparity between home and public charging options. Many homeowners lack access to a driveway, limiting their access to convenient charging solutions and hindering their transition to electric vehicles.
Establishing affordable at-home and curbside charging solutions should be a top priority for industry leaders and policymakers to ensure inclusivity and accessibility for all.”
