- New vehicle registrations in 2024 surged, primarily led by electric vehicles (EVs), reaching pre-pandemic levels.
- EV registrations notably grew in the first half of 2024, with BEVs and PHEVs showing significant increases.
- However, EV market share remains below the 22% target, indicating persistent challenges in adoption and market penetration.
The EV market is on the rise, as new vehicle registrations hit pre-pandemic levels, according to the NFDA
The electric vehicle (EV) market is surging, with new registrations showing significant growth in the first half of 2024. The new car market has surpassed one million registrations for the first time since before the pandemic. Drivers registered 179,263 new cars in June alone, a slight increase of 1.1% from June 2023. The real highlight, however, is the performance of EVs.
Sue Robinson, Chief Executive of the NFDA, commented:
“June signals a twenty-third month of consecutive growth for the new car market, concluding a positive first half of the year.
Although the new electric vehicle market has seen another month of growth, the overall year-to-date market share of electric vehicles remains well below the 22% target stipulated by the Zero-Emission Vehicle Mandate. Private demand continues to lag behind fleet, making it clear that revitalising the private electric vehicle market is a pressing issue that must be addressed immediately.”
Battery electric vehicle (BEV) registrations climbed by 7.4% to 34,034 units. Plug-in hybrid vehicle (PHEV) registrations saw an even more impressive increase, surging by 30.0% to 16,604 units. Hybrid vehicle (HEV) registrations also rose significantly, up 27.2% to 26,702 units. So far in 2024, 167,096 new BEVs have been registered, marking a 9.2% increase compared to the same period last year.
Despite this growth, challenges remain. Diesel car registrations dropped by 17.2% to 10,696 units, and petrol car registrations fell by 7.8% to 91,227 units. Moreover, the EV market share continues to fall short of the 22% target set by the Zero-Emission Vehicle Mandate.
Sue Robinson continued:
“Despite the new car market’s resilience, with nearly two years of continuous growth, NFDA urges the next government to avoid complacency. Numerous challenges remain, as detailed in NFDA’s General Election manifesto, including the need to reinvigorate the private electric vehicle market as well as address the ongoing skills shortage.
As the public heads to the polls today, dealerships, through the NFDA, have repeatedly emphasised the importance of these issues in the next government agenda, notably through NFDA’s recent General Election survey.
NFDA urges the next government to work closely with us and the broader industry to tackle the concerns of dealerships and further unleash the potential of this dynamic sector as we enter the second half of the year.”
