The UK has continued its trend of strong growth in new passenger car registrations, with March 2023 marking the eighth consecutive month of year-over-year growth. In total, 287,825 new passenger cars were registered in March 2023, up by over 18 percent compared to the same period last year. This brings the total number of new registrations in the first three months of the year to over 494,000, representing an increase of 18.4 percent.
One of the most notable trends in the UK automotive market is the increasing popularity of plug-in electric vehicles. The Society of Motor Manufacturers and Traders (SMMT) reports that 64,559 new plug-in cars were registered in March 2023, which is a new record and represents a 17 percent increase compared to the previous year. This brings the market share of plug-in electric vehicles to 22.4 percent, down slightly from 22.7 percent a year ago.
Within the plug-in electric vehicle segment, all-electric cars saw an 18.6 percent increase in registrations compared to the previous year, with 46,626 new registrations in March 2023. This represents a market share of over 16 percent, which is a strong performance for all-electric vehicles. Plug-in hybrid electric vehicles (PHEVs) also had a strong showing in March, with an 11.8 percent increase in registrations and a 6.2 percent market share.
The total number of plug-in electric car registrations so far this year has exceeded 107,000, which is a 15 percent increase compared to the same period last year. BEVs (battery electric vehicles) continue to dominate the segment, with 76,230 new registrations and a market share of 15.4 percent. PHEVs (plug-in hybrid electric vehicles) saw a 7 percent increase in registrations, with 31,765 new registrations and a market share of 6.4 percent.
Tesla’s Model Y once again claimed the title of best-selling model in the UK, with 8,123 units registered in March 2023. In the light commercial vehicle segment, 47,634 units were registered in March, up by 17 percent compared to the same period last year. All-electric LCVs (light commercial vehicles) saw a 33 percent increase in registrations, with 2,534 new registrations and a market share of 5.3 percent.
Overall, the UK automotive market is showing strong growth, with plug-in electric vehicles playing an increasingly important role. With government incentives and a growing charging infrastructure, it’s likely that we’ll continue to see an increase in the number of plug-in electric vehicles on UK roads.
