Record EV market share achieved in 2024

There was a record number of battery electric vehicle (BEV) registrations in 2024, which made up 19.6% of the market (381,970 units), up by more than a fifth (67,283 units) from last year, but short of the 22% demanded by the ZEV mandate, the SMMT has reported.

There is now a record 132 ZEV models available to the UK market, up 38% since 2023 to account for a third of all models available.

The SMMT says that one of the major constraints to growth, however, has been lacklustre demand by private buyers, with only one in 10 choosing an EV in 2024.

Overall, the UK new car market recorded its second successive year of growth with 1,952,778 new cars reaching the road in 2024 – a rise of 2.6% on the previous year.

Petrol remained the most popular powertrain among these buyers, commanding 61.0% of demand, with hybrid electric vehicles (HEVs) in second place (16.0%). Conversely, around 64,000 more BEVs were registered by businesses and fleets than a year ago, with such vehicles representing a quarter (25.4%) of those segments’ registrations and demonstrating the effectiveness of the compelling tax incentives afforded non-private buyers.

Across the total market, pure petrol and diesel car registrations fell by -4.4% and -13.6% respectively as more buyers swapped either to BEVs, or to lower emission hybrid electric vehicles (up 9.6%) and plug-in hybrids (up 18.3%).

Consequently, average new car CO2 has fallen by -6.2% to 102.1g/km. While this will assist some manufacturers with mandate compliance, the extent to which it will help will remain unclear until confirmed baseline CO2 figures are provided by government. Meeting the mandate thresholds in 2025 will be even more intense as the target is now 28% – requiring an EV market uplift of just under 50%.

Mike Hawes, SMMT Chief Executive, said: "A record year for EV registrations underscores vehicle manufacturers’ unswerving commitment to a decarbonised new car market, with more choice, better range and increased affordability than ever before. This has come at huge cost, however, with the billions invested in new models being supplemented by generous incentives which are unsustainable. We need rapid results from the regulatory review and urgent substantive support for consumers – else automotive investments will be at risk and the jobs, economic growth and net zero ambitions we all share in jeopardy.