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The UK's new-car market experienced a slight decline in November 2024, with 153,610 passenger cars registered, a decrease of 1.9% compared to the same month in 2023. This marks the third decline in the year, following a period of unrivaled growth that ended in August.
The decline in November was primarily driven by a steep drop in petrol registrations, which plummeted 17.7%, the steepest drop of the year so far. In contrast, the market share of battery-electric vehicles (BEVs) saw exceptional improvements, accounting for 25.1% of all registrations in November.
Despite the significant increase in BEV registrations, reaching 38,581 units in November—a 58.4% rise—they currently represent an 18.7% share of registrations, below the 22% ZEV mandate requirement set for 2024. Many carmakers have fallen short of meeting this target, prompting manufacturers to focus on selling as many zero-emission vehicles (ZEVs) as possible to avoid financial penalties.
The combined Internal Combustion Engine (ICE) effort in November was down 16.9% year on year. Diesel registrations declined 10.1%, taking 6.1% of the market. Hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) also saw a decline, with HEV registrations down by 0.2 percentage points year on year, and PHEVs experiencing a 1.2% decline. However, PHEVs managed to increase its market share compared to last year.
The Society of Motor Manufacturers and Traders (SMMT) expects BEVs to claim around 19% by the end of 2024, still below the average market threshold. The SMMT anticipates that the UK's new-car market will continue to transition towards electric vehicles, with BEVs playing a significant role in this shift.
The lack of fuel-cell vehicle (FCEV) registrations in the UK so far in 2024 underscores the current focus on battery-electric vehicles. The UK's ZEV mandate, which requires 22% of each carmaker's sales to come from ZEVs, has been a driving force behind this shift.
The decline in electric vehicle sales following the abrupt end of the state environmental bonus in late 2023 has led to calls for the government to relax the zero-emission vehicle (ZEV) mandate targets and moderate taxation. German automakers, such as Volkswagen, BMW, and Mercedes, have experienced a lower than expected share of BEV registrations in 2024, contributing to these calls.
Between January and November 2024, the UK's new-car market registered 1,811,992 units, an increase of 2.8% compared to the same period in 2023. Despite the recent declines, the market is expected to continue its overall growth trajectory, driven by the increasing adoption of electric vehicles.
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