Decline in BEV Fleet Registrations as PHEVs Gain Market Share: Analysis
The latest data on fleet registrations for electric vehicles has shown an interesting shift in market share, with plug-in hybrids (PHEVs) gaining momentum while battery electric vehicles (BEVs) have seen a decline. This trend is reflective of the broader shift towards electrification in the automotive industry, with PHEVs proving to be a popular choice among fleet drivers.
According to analysis by CAP HPI, the year-to-date fleet BEV share in 2024 has decreased to 38.3%, down from 50% in the same period last year. On the other hand, PHEV company cars have shown significant growth, with registrations increasing from 14.1% to 24.5% of the fleet market. Diesel market share has fallen to 4.2%, while petrol share has increased slightly to 26.5%.
Andrew Turner, senior product specialist at Cap HPI consulting, attributes the popularity of PHEVs to the increasing availability of choices in the market and advancements in technology. He notes that PHEVs are serving as a bridge to BEVs on the road to net zero emissions.
The top registering range for the first four months of 2024 includes the Audi A3, Tesla Model Y, and VW Golf, with the A3 also leading in April. The BMW i4 has seen a rise to fourth place in the year-to-date table, indicating a growing interest in electric vehicles among fleet drivers.
In the broader UK new car market, electric cars accounted for 18% of new sales in April 2024, with sales growing by 5% to 24,000 units. This growth is attributed to the UK’s zero emissions vehicle mandate, which is driving the transition towards cleaner transport options.
Ben Nelmes, CEO of New AutoMotive, emphasizes the importance of maintaining the UK’s leadership in the electric vehicle market, regardless of the outcome of the general election. The data clearly shows a shift towards electric cars, and it is crucial for policymakers to support this transition towards a more sustainable future.
Overall, the data on fleet registrations and new car sales point towards a growing interest in electric vehicles, with PHEVs playing a significant role in the transition towards cleaner and more sustainable transportation options. As technology continues to advance and more choices become available, the shift towards electrification is expected to accelerate in the coming years.