Figures from the Society of Motor Manufacturers and Traders (SMMT) show that March new car registrations rose by 10.4%. These are the best March figures since 2019 and mark the 20th consecutive month of growth. The increase in new car registrations was primarily driven by fleet registrations, up 29.6%, while private car sales continue to struggle, down by -7.7%.
A total of 317,786 new ’24 plate cars were registered in March 2024, but this figure is still down by -30.6% compared to pre-pandemic figures.
Market growth continues, fuelled by fleets investing after two tough years of constrained supply. A sluggish private market and shrinking EV market share, however, show the challenge ahead. Manufacturers are providing compelling offers, but they can’t single-handedly fund the transition indefinitely. Government support for private consumers – not just business and fleets – would send a positive message and deliver a faster, fairer transition on time and on target.
Said Mike Hawes, SMMT Chief Executive.
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