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UK new car registrations saw a major year-on-year increase in October, driven by a big increase in fleet sales.
Data from the Society of Motor Manufacturers and Traders (SMMT) shows that overall registrations were up by 26.4% compared with October 2021, with fleet registrations up by 47.4%, to 67,911 units, compared with a rise of just 7.4% in private registrations, to 62,714.
The fleet registrations rebound is a marked charge from the trend seen earlier this year, where manufacturers were openly turning away from the fleet market to concentrate on private buyers.
Business registrations, classed as to fleets with fewer than 25 vehicles, also shot up year-on-year in October, by 108.6%, although this small segment still only accounted for 3,719 vehicles.
Despite the overall market growth, the SMMT has noted this comes in comparison with a very poor October 2021, when sales fell by 24.6%.
October's fuel mix figures saw battery EV registrations increase by 23.4% year-on-year, to 19,933 and a 14.8% market share - although the SMMT noted this marked the first time since the pandemic that EV sales had not kept pace with overall market growth, which it attributed to supply challenges.
However, conventional hybrid registrations rocketed by 81.7% year-on-year in October - attributed to supply being prioritised for popular new models - which meant an 11.7% market share, while plug-in hybrid registrations were up by 6.2%, taking 6.6% of the market.
Mild hybrid petrol registrations also saw major growth, rising by 59.5% for a 15.6% market share, and mild hybrid diesels were up by 21.4% to take 4.1% of the market.
Petrol car registrations still led the way overall, up by 17.8% for a 42.4% market share, but diesel registrations fell by 9.7% to account for just 4.7% of the market.
For the year to date, the overall market is down by 5.6% on 2021, and a third below pre-Covid levels.
The SMMT said that due to ongoing supply chain shortages, surging inflation, and a growing cost of living crisis, it had revised its market outlook for the year downwards by 2.2%, putting 2022 on course to be the worst year for new car sales since 1982 with 1.566 million registrations.
For 2023, it then expects an increase to 1.808 million registrations, with 26.7% of these to be plug-in models.
SMMT chief executive Mike Hawes said: "A strong October is hugely welcome, albeit in comparison with a weak 2021, but it is still not enough to offset the damage done by the pandemic and subsequent supply shortages.
"Next year's outlook shows recovery is possible and EV growth looks set to continue but, to achieve our shared net zero goals, that growth must accelerate and consumers given every reason to invest.
"This means giving them the economic stability and confidence to make the switch, safe in the knowledge they will be able to charge - and charge affordably - when needed. The models are there, with more still to come; so must the public chargepoints."
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Business Car Magazine © 2020 | Business Car is part of NS Media Group.
