We Have Now Crossed The Half-Way Point Of This Unprecedented Year. However, Despite The Overall Unpredictability, The Updates On The New Car Registrations Continue To Remain Predictable: Electric Vehicles Continue To Defy The Downward Trend!
Before moving onto the latest results i.e. the June 2020 new car registration update, let us briefly remind ourselves of the May 2020 registrations update.
May 2020 witnessed a continued increase in the registration of battery-electric vehicles (BEVs), despite a significant contraction in the sales of petrol and diesel internal combustion engine (ICE) cars. Petrol new car registrations were down by a whopping 90.5% in May 2020, compared to May 2019. Diesel performed even worse, with a 93% decline. Of greater consequence is the significant change in market share for internal combustion engine cars. Diesel market share decreased from 26.7% to 17% between May 2019 and May 2020 and petrol market share declined from 63,7% to 55.1%.
Despite the overall challenging macro economic environment, due to the impact of Coronavirus, electric vehicles, in particular, all-electric battery-electric vehicles have demonstrated incredible resilience. The reasons are many, but one key factor is fast emerging as a core driver for their success. Pure electric cars, with the benefit of zero tailpipe emissions, are fast becoming the consumer favourite technology for mobility i.e. e-mobility. The increased awareness of the harmful consequences of air pollution and climate change, have now become everyday topics of discussion at homes across the country. Households are keen to do their part in creating a better environment and in turn, a better society in the UK.
In fact, in June 2020, the latest new car registration update from The Society of Motor traders and Manufacturers (SMMT), demonstrates once again this fundamental shift in consumer attitudes. Diesel cars have seen a further decline in market share between June 2019 to June 2020 from 25.6% to 15.8%. The same is the trend with petrol cars, witnessing a decline from 65.6%% to 60.5% between June 2019 to June 2020. In terms of registrations, diesel registrations have declined by 59.8% in June 2020 compared to June 2019, with petrol registrations declining 39.9% in June 2020, compared to June 2019.
But in stark contrast registrations of battery-electric vehicles have increased an impressive 261.8% in June 2020, compared to June 2019. Moreover, BEVs have seen a further increase in market share in June 2020 (6.1%) compared to June 2020 (1.1%). Year-to-date market share for BEVs now stand at 4.7% compared to 0.9% a year ago. The All-Electric Tesla Model 3 continues to be on the Best Sellers list, as it did in May 2020.
We expect this trend to continue, as consumers seek ‘active travel’ as a preferred choice of travel, to include electric bikes and electric scooters. Moreover, given the broader challenges to the UK economy, we expect consumers to remain less confident of making large purchase decisions, like cars. Consumers that do make such decisions will continue to favour mobility solutions with a better impact on the environment.
So bottom-line, the first 6 months of 2020 new car registrations, will be reflected in the next 6 months of 2020. More electric cars and fewer internal combustion engine cars! A perfect scenario for the fast approaching World EV Day.
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