UK's Electric Vehicle Fleet Nears 1 Million Mark

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【Summary】Experts predict that there will be one million battery electric vehicles (BEVs) on UK roads by February 2024, with the fleet sector driving most of the registrations. In October 2023, there were nearly 900,000 BEVs, and it is expected to surpass one million in the next three months. The private sector needs further incentivization to increase registrations. In October, the new car market experienced growth, with BEVs accounting for a 20.1% increase in registrations.

FutureCar Staff Nov 14, 2023 10:17 PM PT

UK's Electric Vehicle Fleet Nears 1 Million Mark

According to experts at Cap HPI, it is predicted that there will be one million battery electric vehicles (BEVs) on UK roads by February 2024. As of October 2023, there were already almost 900,000 BEVs in the country, and it is expected that the number will surpass one million within the next three months.

Matthew Freeman, a managing consultant at Cap HPI, highlighted that the growth in BEV registrations is mainly driven by the fleet sector, with private registrations accounting for less than a quarter of new BEVs this year. This indicates the need for further incentives to encourage private drivers to switch to electric vehicles. However, it is projected that the milestone of one million BEVs on UK roads will be reached in February 2024.

In October, the new car market experienced a 14.3% growth, with 153,529 registrations. This figure is 7.2% higher than pre-pandemic levels in 2019 and represents the best performance for the month of October since 2018, according to the Society of Motor Manufacturers and Traders (SMMT).

BEVs have seen a year-to-date increase of 20.1%, with 23,943 new registrations. They now hold a market share of 15.6%. Plug-in hybrids also experienced growth, with an increase of 14,285 units (60.5%) in the month, resulting in a 9.3% market share. Hybrid electric vehicles saw an increase of 19,574 units (20.6%), capturing a 12.7% share of the market.

It is worth noting that the significant 200% increase in BEV registrations observed between 2019 and 2020 has not been replicated in subsequent years.