Electric company car sales falling
August 30th, 2024
Figures from Cap HPI’s Insight report indicate that petrol and hybrid company car sales are on the rise. According to the report, diesel fleet registrations have decreased in market share, dropping from 4.9% to 4% in the first half of the year. In contrast, petrol vehicles have seen growth, with their market share rising from 23.6% to 25.7% over the same period. The most significant increase came from PHEVs, which surged from 15.6% to 22.7% of registrations.
Andrew Turner, senior product specialist at Cap HPI Consulting, said: “While the decline in diesel registrations has been significant, petrol vehicles still account for a quarter of the market. Over the last 12 months, we’ve seen a clear trend away from BEV to PHEV as companies bridge the gap from ICE to fully electric vehicles.” HEVs also saw an increase in market share, rising from 5% to 6.2% as companies seek the flexibility of hybrid technology.
Turner continued: “Hybrid vehicles give companies great flexibility while attracting the benefit of lower BiK rates. The improved fuel efficiency can also deliver cost savings in an economy where companies face rising costs.”
According to July registration data from the Society of Motor Manufacturers and Traders (SMMT), hybrid electric vehicle (HEV) uptake rose by 31.4%, securing a 14.5% market share. Plug-in hybrid electric vehicles (PHEVs) saw a 12.4% increase, capturing 8.9% of registrations. Battery electric vehicle (BEV) volumes also grew by 18.8%, bringing their market share to 18.5%.
The SMMT figures further show that the fleet and business sector now accounts for 62% of the market year-to-date, with 718,035 registrations—an increase of 20% compared to the 598,270 new cars registered in the same period last year.