EV Registrations Reach a Milestone of 5% of New Cars
According to SMMT, the headlines are:
- EV registrations surpass the milestone of 5% of the overall British new car market
- Plug-in Hybrid Electric Vehicles market grew by 1.7%
- The demand for EVs increases by 34% year on year
- Month on month growth for the 22nd consecutive month of growth
EV sales faced an impressive increase of 34% year on year, whilst in overall terms, the EV market share now has 5.5% of the total new car market, making February 2019 one of the best performance periods for the EV market.
Non-alternative fuelled vehicle sales are steadily decreasing, with sales of diesel cars still facing the biggest year on year decrease of -14.3% in February, and -18.3% year-to-date decrease in new vehicle market share.
The British new car market saw a marginal growth throughout February, up by 1.4% after several months of decline, according to the latest figures released today by the Society of Motor Manufacturers and Traders (SMMT).
SMMT Chief Executive, Mike Hawes said:
“It’s encouraging to see market growth in February, albeit marginal, especially for electrified models. Car makers have made huge commitments to bring to market an ever-increasing range of exciting zero and ultra-low emission vehicles and give buyers greater choice. These cars still only account for a fraction of the overall market, however, so if the UK is to achieve its electrification ambitions, a world-class package of incentives and infrastructure is needed. The recent removal of the plug-in car grant from plug-in hybrids was a backward step and sends entirely the wrong message. Supportive, not punitive measures are needed, else ambitions will never be realised.”
As 2019 is well under way, the tendencies within the British new car market become easier to predict. One of the primary variables which are expected to continue to adversely affect the EV market is the lack of initiative from the Government through better grants towards new EV purchases, however, the consumers are engaging with new electric vehicle options. EVs are continuing to pave the way to substantial and steady market share growth.
Despite the adverse effects caused by the modification of grant acquisition for PHEV buyers, the PHEV market still experienced a slight growth of 1.7%, and the EV market faced a landmark increase up to 5.5% of the total new car market share.
Marginal market growth in February spells a bright new future for EV sales and market recalibration towards a sustainable future.
An increasing choice of EV is starting to become available in 2019, encouraging buyers with a variety of options to purchase sustainable vehicle systems.
Government support towards EV market development is lacking, spelling a certain level of market uncertainty due to doubts that the PHEV grant is reinstated.
A strong incentive is still needed to push the new EV car market towards predictable and sustainable growth.
Diesel vehicles are facing a dramatic decrease in market share and sales.
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