New car registrations in the UK rose 23.1 per cent in August 2018, year-on-year basis, according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT) on Wednesday (05).
The jump in new car registrations is supported by a steep rise in demand for electric vehicles.
As many as 94,094 new cars were registered in the month as the market responded to regulatory changes. The UK’s growing range of hybrid, plug-in hybrid and pure electric cars continued to attract buyers, with a record of one in 12 people choosing one. Demand surged by 88.7 per cent, with the sector accounting for eight per cent of the market as billions of pounds of manufacturer investments help deliver more ultra-low and zero-emission models to the market, said SMMIT.
In the year to date, the overall market remains down by 4.2 per cent, in line with forecasts after a turbulent first eight months. However, demand remains at a high level with more than 1.5 million new cars featuring the latest in advanced safety, emissions and convenience technology joining British roads so far in 2018.
Demand was up across the board, with consumers and fleets boosting year-on-year registrations by 23.3 per cent and 19.7 per cent respectively, while the smaller business sector rose 166.4 per cent, equivalent to an uplift of around 1,500 units against August last year.
“It’s great to see such strong growth, particularly in the important electric vehicle market. However, given, August is always a small month in new car registrations ahead of the important plate-change month of September, it would be wrong to view the market as booming,” said Mike Hawes, Chief Executive at SMMT.
Superminis remained the most popular buy, followed by small family and dual purpose cars, with the luxury saloon and city car segments recording the most notable growth.