Summary
- Plugin EVs in the UK took a 30.2% share in October’s auto market, with both BEVs and PHEVs growing in volume.
- The UK’s leading BEV brand in August was Volkswagen, with a 9.6% share of the BEV market.
- Diesel share in the UK has been weak, with prospects for the future diminishing as BEV technology advances.
- Petrol share is approaching dropping below 50% in the UK, with a trend of gradually decreasing market share.
- Ford has seen a significant improvement in climbing the ranks in the UK’s BEV market, with the new Explorer and Capri contributing to the brand’s success.
Article
In October 2024, the UK’s auto market saw plugin electric vehicles (EVs) taking a 30.2% share, with both battery electric vehicles (BEVs) and plugin hybrids (PHEVs) showing growth in volume. The overall auto market shrank by 6% year on year, with 144,288 units sold. Volkswagen was the leading BEV brand with a 9.6% share of the market.
The strong performance of BEVs and PHEVs led to the highest combined plugin share since December 2022. Diesel share has been weak, with only around 6% of the market, and is projected to continue declining in the future. Petrol share is also declining, with the possibility of falling below 50% in the next few months, and combined petrol and diesel sales may dip below 50% by next year.
In terms of leading BEV brands in the UK, Volkswagen took the top spot in October, followed by Mercedes and Peugeot. Peugeot’s record performance in October was its first time in the top 3 spots. Other brands like Skoda, Dacia, and Omoda also saw strong performances with their electric vehicle models.
The UK’s auto market has seen a 3.3% growth year to date in 2024, reaching close to 2 million units. However, the market has not yet fully rebounded from pre-2020 levels. The UK’s economy, while improving, is still facing challenges such as low GDP growth and inflation. The UK’s ZEV mandate requires manufacturers to increase their BEV sales, but the industry is calling for more government support to meet these targets.
Overall, the transition to EVs in the UK is progressing, with a variety of new electric models entering the market. The success of electric vehicles like the Ford Capri, Porsche Macan, and Chery Omoda E5 SUV indicates growing interest in EVs among consumers. The future of the UK’s auto market will be influenced by economic factors as well as government policies and incentives to support the EV transition.
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