The UK new car market has grown for the 22nd consecutive month as registrations, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).
With 147,678 units reaching the road, it was the best May market performance since 2021. Fleets and businesses continued to fuel market growth, up 14.0% and 9.5% respectively, narrowly offsetting a -12.9% decline in private retail uptake.
ICE vehicles continues to fall as demand for electrified vehicles rose, with plug-in hybrids (PHEVs) recording the highest growth of all powertrains. It was up 31.5% to reach an 8.0% market share with hybrids (HEVs) rising 9.6% – the third most popular fuel type after petrol and battery electric at 13.2% of the market.
Battery electric vehicle (BEV) registrations also outperformed the market, rising 6.2% to claim a 17.6% market share. Uptake is still driven by the fleet sector, where volumes rose 10.7%.
Private retail BEV uptake fell very slightly, by just 98 registrations short of May last year, although below the trajectory mandated on manufacturers by government in its Vehicle Emissions Trading Scheme, which demands 22% of new vehicles sold this year by each brand must be zero emission.
Mike Hawes, SMMT Chief Executive, said:
“As Britain prepares for next month’s general election, the new car market continues to hold steady as large fleets sustain growth, offsetting weakened private retail demand.
Consumers enjoy a plethora of new electric models and some very attractive offers, but manufacturers can’t sustain this scale of support on their own indefinitely. Their success so far should be a signpost for the next government that a faster and fairer transition requires carrots, not just sticks.”
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