UK eyes 1.9 million new car sales this year: Details

New car sales in the UK are on the rise, with an industry association announcing an upward revision to its sales forecasts. The Society of Motor Manufacturers and Traders (SMMT) now predicts that new car sales for this year will reach 1.89 million, up 2.1% from previous estimates. This positive outlook is supported by a notable increase in monthly registrations, which surged by over 14% in October compared to the same month last year.

Additionally, the SMMT has also adjusted its sales projections for 2024, now expecting 1.97 million new carsto be sold, reflecting a 1% increase from previous estimates.In October, the UK witnessed a substantial uptick in new car sales, with a 14.3% year-on-year growth, totaling 153,529 vehicles. This figure stands 7.2% higher than the pre-pandemic levels. The data, sourced from the SMMT, reveals that this growth was predominantly driven by increased sales to fleet buyers, which saw a remarkable 29% increase.
Furthermore, there is a continued strong demand for electric vehicles (EVs), accounting for 37.6% of all new car registrations in October. SMMT Chief Executive Mike Hawes stressed the importance of expanding consumer adoption of zero-emission vehicles, particularly in the fleet sector, to ensure long-term success.
Notably, in the battery electric vehicle (BEV) market, private sales constituted less than 25% of total registrations, highlighting the need for fiscal incentives to encourage individual buyers. Hawes emphasized the government’s opportunity to introduce incentives and invest in the necessary infrastructure to support the transition to electric vehicles, sending a clear signal of support to drivers.
It’s worth noting that the UK remains committed to its goal of phasing out fossil fuel-burning cars by 2035, despite recent discussions about a potential five-year delay in the ban on new petrol car sales, proposed by Prime Minister Rishi Sunak.