EVs set to break the million barrier

Experts at cap hpi are predicting that there will be one million BEVs on UK roads for the first time by February 2024.

It found that heading into October 2023 there were nearly 900k pure BEVs on UK roads, and it expects that figure to surpass one million in the next three months.

October’s new car market experienced a 14.3% growth, reaching 153,529 registrations, 7.2% above pre-pandemic levels with 10,251 more units registered than four years ago and marking the best performance for the month of October since 2018.

BEVs grew by 23,943, an increase of 20.1.% year-to-date, taking 15.6% market share. Plug-in hybrids increased by 14,285 (60.5%) in the month, now taking a 9.3% share, while hybrid electric vehicles also increased by 19,574 (20.6%), for a share of 12.7%.

Matthew Freeman, managing consultant at cap hpi, said: “October saw BEV uptake increasing for the 42nd successive month. Taking into account overall market growth, this amounted to a BEV market share of 15.6%, a relatively small rise from last year’s figure of 14.8%.

“BEV registrations are being driven mainly by the fleet sector with private registrations accounting for less than one in four new BEVs this year. This highlights the requirement for further incentivisation for private drivers. However, we are predicting that February 2024 will see the milestone of one million BEV’s on UK roads for the first time.”