In November 2023, the UK new car market experienced significant growth, with new car registrations reaching 156,525 units. This marked a 9.5% increase compared to the previous November and was just 0.1% down from pre-pandemic levels, indicating a strong recovery for the market. Notably, this was the best November for the UK car market in four years.
The growth in new car registrations was primarily driven by fleets investing in the latest vehicle models. Fleet registrations rose by 25.4%, accounting for 59.4% of the market. However, private demand saw a decrease, dropping by 5.9% to 60,506 registrations, and business uptake also fell by 32.7% to 2,970 units.
When it comes to electric vehicles (EVs), there was a notable increase in registrations year-to-date, with a 27.5% rise. However, in November 2023 specifically, there was a decline in battery electric vehicle (BEV) uptake compared to the previous year, which had seen significant deliveries following supply chain disruptions. Overall BEV volumes decreased by 17.1%, leading to a reduced market share of 15.6%. Despite this, BEVs still made up a significant portion of new registrations, with expectations for market share to increase in the coming year.
For detailed figures and analysis, you can visit the Society of Motor Manufacturers and Traders (SMMT) website for the November 2023 New Car Registrations and their pre-registration figures page.
Mike Hawes, SMMT Chief Executive, said,
Britain’s new car market continues to recover, fuelled by fleets investing in the latest and greenest new vehicles. With car makers gearing up to meet their responsibilities under new market legislation, and COP28 currently underway, now is the time to take sensible steps that will multiply that economic growth and minimise carbon emissions. Private EV buyers need incentives in line with those that have so successfully driven business uptake – and workable trade rules that promote rather than penalise the transition.
User car sales
In the third quarter of 2023, the UK used car market experienced significant growth, with approximately 1.9 million units changing hands, marking a 5.5% increase compared to the same period in 2022. This growth in the used car market also included a remarkable surge in the sales of battery electric vehicles (BEVs), which soared by 99.9%, achieving a record market share of 1.8%.
The year-to-date figures for 2023 showed an overall market increase of 4.6%, which is an improvement compared to 2022. However, it’s important to note that these figures are still 9.3% behind the pre-pandemic levels.
