Experts at Cap HPI arer forecasting that there will be one million BEVs on UK roads for the first time by February 2024.
Heading into October 2023 there were nearly 900,000 pure BEVs on UK roads, and it expects that figure to surpass one million in the next three months.
Matthew Freeman, managing consultant at Cap HPI, said: “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.”
October’s new car market experienced a 14.3% growth, reaching 153,529 registrations, 7.2% above pre-pandemic levels (2019) with 10,251 more units registered than four years ago and marking the best performance for the month of October since 2018, according to new figures published by the Society of Motor Manufacturers and Traders (SMMT)
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%.
The 200% increase in BEV registrations experienced between 2019-20 has yet to be repeated.