The Society of Motor Manufacturers and Traders (SMMT) has released the latest data for new UK car registrations. The news looks promising for the UK automotive industry as figures show a growth of 26.2% in new registrations for February 2023.
In the year-to-date figures for 2023, Hybrid Electric Vehicles posted the highest growth in fuel types with a 40.4% change from figures at the same point in 2022 - an 8,234 rise in registrations. Petrol vehicles still dominate the landscape with an overall market share of 44.2%.
The UK new car market has now posted seven straight months of growth, which has given rise to optimism within the industry. The Chief Executive of the SMMT has suggested the UK automotive sector is facing the future with 'growing confidence' but there is also a strong nod to the government to back the market.
"After seven months of growth, it is no surprise that the UK automotive sector is facing the future with growing confidence. It is vital, however, that government takes every opportunity to back the market, which plays a significant role in Britain’s economy and net zero ambition. As we move into ‘new plate month’ in March, with more of the latest high-tech cars available, the upcoming Budget must deliver measures that drive this transition, increasing affordability and ease of charging for all."
- Mike Hawes, SMMT Chief Executive
Compared to figures prior to the beginning of the Covid pandemic in February 2020, the market is down -6.5% overall, with the recovery nearing 'normal' levels credited to expected ease of backlog, with manufacturers such as Volkswagen anticipating supply and logistics chain issues easing.
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