New car market records longest period of growth in eight years

Based on the latest figures from the Society of Motor Manufacturers and Traders (SMMT), this performance marks 10 consecutive months of growth – although the 145,204-unit figure achieved in last month remains 21% below the pre-pandemic levels seen in 2019.  

This jump continues to be driven by large fleet registrations, which increased by 36.9% to 76,207 units – reflecting a regularisation of supply following challenging supply issues in 2022. Contrary to this, registrations to private buyers fell slightly – dropping by 0.5% to 65,932 cars, while smaller business fleets registered 3,065 units – a year-on-year rise of 22.5%.  

In terms of the types of vehicles, petrol-powered cars remain Britain’s best sellers – accounting for 57.1% of all registered, however alternatively powered vehicles continued to make up a increasingly large share of the market with plug-in hybrids rising by 23% to reach a 6.2% market share, while hybrids grew by 22.2% to comprise 12.3% of all registrations.  

Additionally, May saw battery electric vehicles consolidate their position as the UK’s second most popular power train with a further 24,513 joining the road during the month, up 58.7% year-on-year to secure a 16.9% market share.  

Of those that were registered, lower mediums, superminis and dual purpose were the most popular – making up 86.3% of the market. There are also now zero emission options available in every single segment of the market, with more than 80 models – around a quarter of all new car models available – from which to choose.  

SMMT chief executive Mike Hawes said: “After the difficult, Covid-constrained supply issues of the last few years, it’s good to see the new car market maintain its upward trend and the fact that growth is, increasingly, green growth is hugely encouraging.  

“Transforming the market nationwide, however, and at an even greater pace means we must increase demand and help any reticent driver overcome any concerns about electric vehicles. This will require every stakeholder – industry, government, chargepoint operators and energy companies – to play their part, accelerating investment to drive decarbonisation.”