Statistical Recharge for the EV Market

 In News, Uncategorised

The latest report from the Society of Motor Manufacturers & Traders (SMMT) released yesterday afternoon (5th August) indicates a surge in the UK car market for electric vehicles.

The year-to-date figures for new car registrations in the UK provided an interesting picture for the electric, hybrid and combination models on offer.

Out of a total of over 1.4 million new cars joining Britain’s roads over the last year, 87,908 of them comprised some form of electric-hybrid model.

This meant that total sales of Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV) and Hybrid Electric Vehicles (HEV) equated to almost a quarter (23 per cent) of all diesels sold in the UK over the past year – a significant portion of all vehicle registrations.

Despite the electric and hybrid market being a relatively new segment in the car industry, when compared to the declining popularity of fuel types such as diesel, the lower-emission alternative has proven popular with UK drivers over the past year.

An even more promising pro-green picture is painted when looking at the short-term scope of the market, as the SMMT’s data shows a decline in new car registrations in the month of July (down 4.1 per cent) while pure EV registrations are booming and registrations of purely electric models have almost tripled.

Diesel vehicle registrations fell again in July (down 22.1 per cent) but hybrid electric cars continued to withstand market changes in July – increasing by a substantial 34.2 per cent; 7,758 low-emission vehicles joined UK roads in July 2019.

Currently, there are approximately 125 alternatively fuelled models available for consumer choice in the UK and, as manufacturers invest heavily in environmentally friendly alternatives, demand for battery electric vehicles has shot up by a staggering 158.1 per cent.

In a changing, increasingly hybrid UK car market, SMMT forecasts that the increased investment around EVs will result in the market share for battery electric vehicles doubling next year and predicts 51,000 registrations in 2020. It would appear, slowly but surely, that electric alternatives are charging through the veins of the nation.