Financial News: UK Car Registrations Rise 2.6% In 2024: SMMT

UK Car Registrations Rise 2.6% In 2024: SMMT

01/06/2025 - 08:58:00 (RTTNews)

(RTTNews) - UK car sales grew for the second successive year in 2024 with record market share of electric vehicles but lackluster private demand a concern, data from the Society of Motor Manufacturers & Traders, or SMMT, showed Monday.

Car registrations grew by 2.6 percent to 1.953 million in 2024, up from 1.903 million in 2023.

During December, car sales showed a marginal decline of 0.2 percent, capping off a challenging year for the sector as manufacturers strove to create demand for electric vehicles in a bid to meet new mandated sales targets, the SMMT said.

The growth in 2024 was driven entirely by fleets, which grew 11.8 percent. Meanwhile, private registrations dropped 8.7 percent, which was below the pandemic level in 2020.

At the same time, the SMMT revealed that the major constraint for growth was weak demand by private buyers, with only one in 10 choosing an EV in 2024.

The petrol car market remained the most popular powertrain, commanding 61.0 percent of demand, with hybrid electric in second place at 16.0 percent.

Nonetheless, pure petrol and diesel car registrations fell by 4.4 percent and 13.6 percent, respectively, as more buyers swapped either to battery electric vehicles or to lower-emission hybrid electric vehicles and plug-in hybrids.

Battery electric vehicles made a market share of 19.6 percent in 2024, though short of the 22 percent demanded by the mandate.

"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," Mike Hawes, SMMT Chief Executive, said.

"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."

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