New car registrations continue to rise as electric vehicles fuel growth

According to the Society of Motor Manufacturers and Traders (SMMT), the UK new car market saw its 22nd consecutive month of growth, with 147, 678 new car registrations – and the best May since 2021.

While there was some decline in the private market, the popularity for electrified vehicles and hybrids among fleets and businesses fueled overall growth in sales. Plug-in hybrids (PHEVs) recorded the highest growth of 31.5% among powertrains, with an 8% market share. Hybrids (HEVs) remained the third most popular type after petrol and battery electric vehicles (BEVs), with a healthy 13.2% market share.

BEVs remained the winners, outperforming the market with a healthy 17.6% market share, up a huge 16.9% from the same month last year.

Government incentives seem to be working, as the fleet sector saw the biggest volumes with a rise in 10.7%. If a future government can create the same incentives for private buyers, the SMMT believe there could be just as much growth in the private sector and a big uptake of BEVs – good for both the environment and the market!