- The latest figures from the Society of Motor Manufacturers and Traders (SMMT) indicate that EV market share is currently standing at 24.2%, with 21,840 fully-electric passenger cars registered in February 2026.
- Whilst the figures continue to show that nearly one in four new cars registered is a fully-electric model, it still highlights a a slight stagnation in the growth of the EV market.
- In February 2025, market share for EVs was actually higher, at 25.3%.
21,840 new EVs registered in February
The 24.2% EV market share within new car registrations follows the introduction of multiple incentives in place across the UK. That includes the Electric Car Grant, which offers up to £3,750 off the purchase of new electric cars that meet certain criteria, as well as various EV charging grant schemes.
Whilst new EV registrations remain strong, there are signs that growth is not happening as fast as originally planned. Market share in February 2026 is slightly down on February 2025, whilst the UK is currently targeting 33% EV market share by the end of 2026. The SMMT have suggested that the future introduction of schemes such as pay-per-mile EV tax could be weakening confidence, even though that scheme isn’t set to be implemented until 2028.
There are still changes on the horizon that could boost EV market share in the correct direction to achieve increasing ZEV targets. More and more cheap electric cars are entering the market, widening consumer choice. Also, last week, a tax tribunal ruled that public charging VAT should be set at 5%, rather than the 20% currently charged. If this ruling is accepted, public charging would also get more affordable – which could tip the cost of ownership scales in favour of EV for more buyers.
Mike Hawes, SMMT Chief Executive, commented:
“The UK’s new car market is continuing to recover and EV volumes are growing too, even if market share remains disappointing. All eyes are now on ‘new plate’ March, which typically sets the tone for the year – and given sales of new pure petrol and diesel cars are currently required to end in less than four years, EV uptake must accelerate rapidly. Manufacturers have committed monumental investment to drive demand but such costs cannot be sustained indefinitely, making a review of the transition an urgent priority to ensure ambition matches natural demand.”
