Electric car registrations up in March but market share stalls

Registrations of fully electric (BEV) cars rose by 3.8 per cent in March when compared to 2023’s figures. A total of 48,388 fully electric cars were registered across the month, making it the second-biggest fuel choice behind non-hybrid petrol cars which accounted for 55.7 per cent of the new car market. 

Electric cars accounted for a total of 15.2 per cent of total registrations in the month, a drop of 1 per cent over the same period on 2023. Over the course of the year to date, however, electric cars are fractionally up on 2023 with a market share of 15.5 per cent (2023 15.4. per cent). 

Plug-in hybrid models PHEVs continue to enjoy a surge in popularity with British buyers, with 24,157 registered so far this year. That represents a 34.0 per cent increase on this time last year, and suggests that many buyers are hedging their bets by opting for PHEVs rather than fully electric BEV models. PHEVs now command 7.8 per cent of the new car market. 

Although the overall market for new cars grew again in March (10 per cent year-on-year), diesel registrations continued their decline in popularity with just 23,312 units registered over the course of the month. For the year to date, diesel now only account for 6.9 per cent of the overall new car market. 

Fleet buyers once again led the growth with private sales dropping by 7.7 per cent in March. For the year to date, private registrations currently account for just 38 per cent of the overall new car market. 

The best-selling models in March were the Nissan Qashqai (8,931 units), Ford Puma (8,318 units) and Kia Sportage (7,445 units). The Tesla Model Y was the UK’s ninth biggest seller with a monthly total of 5,602 registrations. 

Commenting on the challenges facing the electric car market, Mike Hawes, SMMT Chief Executive, said, “A sluggish private market and shrinking EV market share, however, show the challenge ahead. Manufacturers are providing compelling offers, but they can’t single-handedly fund the transition indefinitely. Government support for private consumers – not just business and fleets – would send a positive message and deliver a faster, fairer transition on time and on target.” 

Tesla's Model Y was once again the UK's favourite fully electric car, racking up 5,602 registrations in March