Registrations by private buyers in 2024 fell by -8.7% to 746,276 units. The lack of demand in the private sector is reflected in electric vehicle sales. The Society of Motor Manufacturers and Traders (SMMT), which released the figures said one of the major constraints to growth was the “lacklustre demand by private buyers”, with only one in 10 choosing an EV in 2024.
Overall, the UK new car market recorded its second successive year of growth with 1,952,778 new cars reaching the road in 2024 – a rise of 2.6% on the previous year.
In the final month of the year, the market remained flat at 140,786 units, a marginal -0.2% decline, according to figures from the Society of Motor Manufacturers and Traders (SMMT).
Over the full year, growth was delivered by fleets, up 11.8% to reach 1,163,855 units, accounting for a record six in 10 (59.6%) new car registrations.
BEVs made up 19.6% of the market (381,970 units) in 2024, up by more than a fifth (67,283 units) from last year, but short of the 22% demanded by the mandate.
The SMMT said the car industry had offered £4.5m of discounts in 202 to shift stock and meet the EV Mandate targets.
Across the total market, pure petrol and diesel car registrations fell by -4.4% and -13.6% respectively as more buyers swapped either to BEVs, or to lower emission hybrid electric vehicles (up 9.6%) and plug-in hybrids (up 18.3%).
Mike Hawes, SMMT CEO, said, “A record year for EV registrations underscores vehicle manufacturers’ unswerving commitment to a decarbonised new car market, with more choice, better range and increased affordability than ever before.
“This has come at huge cost, however, with the billions invested in new models being supplemented by generous incentives which are unsustainable.
“We need rapid results from the regulatory review and urgent substantive support for consumers – else automotive investments will be at risk and the jobs, economic growth and net zero ambitions we all share in jeopardy.”
