New Car Market Records Ninth Successive Month of Growth
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The latest figures from the Society of Motor Manufacturers and Traders (SMMT) show that April marked the ninth consecutive month of growth in the UK new car market.
With a total of 132,990 new car registrations, April saw an 11.6% increase compared to figures from April last year. This brings the 2023 year-to-date total to 627,250, which is 16.9% higher than it was at the same point last year.
The year-to-date statistics also show that large fleet registrations saw significant growth with a 39% increase meanwhile smaller business fleets made a 23.7% jump.
Behind petrol vehicles, battery electric vehicles (BEVs) remained the second most popular fuel type making up 15.4% of the market. BEV registrations increased by 59.1% compared to April last year.
Plug-in hybrids (PHEVs) and hybrid electric vehicles (HEVs) also recorded strong growth in April 2023 with 33.3% and 7.7% increases. This meant electrified vehicles accounted for more than one in three new car registrations last month.
However, BEV registrations could not live up to the figures posted in March 2023, where fully electric vehicles made up a record 16.2% of the overall market share. This bump in the road has made 2023 BEV projections slip slightly.
Overall, increases in vehicle registrations has provided evidence that supply chain issues within the industry are beginning to ease. After the first four months of this year, the market is up 16.9% compared to the first third of 2022.
This data has led to positive revisions in 2023 new car registration forecasts with market growth this year expected to reach 13.5%. If met, this would be the biggest percentage gain since 1983.