The UK new car market witnessed a modest increase of 1% in September 2024, driven by fleet purchases and EV discounting, according to Society of Motor Manufacturers and Traders’ (SMMT) latest figures.
This marks the best performance since 2020, despite being 19.8% lower than the pre-Covid September 2019.
The growth was primarily driven by fleet purchases, which increased 3.7%, while private consumer demand experienced a slight decline.
Fleet purchases, accounting for 54.2% of the overall market, rose to 149,095 units.
In contrast, private consumer demand decreased by 1.8% to 120,272 units, and the business sector dropped 8.4% to 5,872 units.
The uptake of plug-in hybrids (PHEV) surged by 32.1%, securing an 8.9% market share, while hybrid electric vehicle (HEV) registrations increased by 2.6%, boosting their market share to 14%.
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By GlobalData
The demand for battery electric vehicles (BEV) reached a new monthly record, climbing by 24.4% to 56,387 units, which translated to a 20.5% market share.
Fleets were the main contributors to this growth, with BEV registrations among them rising by 36.8%.
Despite unprecedented manufacturer discounting, private BEV demand only saw a modest increase of 3.6%, equivalent to an additional 410 registrations.
Year-to-date, private BEV demand is down by 6.3%, highlighting the challenges in meeting mandated targets.
SMMT CEO Mike Hawes said: “September’s record EV performance is good news, but look under the bonnet and there are serious concerns as the market is not growing quickly enough to meet mandated targets.
“Despite manufacturers spending billions on both product and market support – support that the industry cannot sustain indefinitely – market weakness is putting environmental ambitions at risk and jeopardising future investment.
“While we appreciate the pressures on the public purse, the Chancellor must use the forthcoming Budget to introduce bold measures on consumer support and infrastructure to get the transition back on track, and with it the economic growth and environmental benefits we all crave.”
