Electric cars could capture more than one-third of the UK’s new vehicle market share for the first time, according to experts.
In February, zero emission vehicles had another record month, accounting for more than one in four new registrations with 21,244 new models.
Electric vehicle sales dwarfed the market share of new diesel models (five per cent), plug-in hybrid models (8.7 per cent) and full hybrids (13.6 per cent).
While EV sales remain below those of new petrol registrations, the market is seeing a clear shift away from traditional internal combustion engine vehicles.
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Experts are predicting that electric vehicle sales will continue to flourish in March
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New petrol car registrations totalled 39,865 for a market share of 47.4 per cent. Despite this, new petrol sales have seen a drop of 17.3 per cent year-on-year.
Thom Groot, CEO of The Electric Car Scheme, has made a bold prediction of how electric vehicle sales could grow even further this month.
He said: “This March is set to be a record month for the uptake of EVs. The combined effects of the new number plates, the incoming road tax changes and the upcoming hike in employer National Insurance contributions, means that demand has never been stronger for EVs.
“We predict that fully battery powered electric vehicles will make up more than 35 per cent of all vehicles sold.”
Groot noted that this was well above the target figure of 28 per cent in the Zero Emission Vehicle mandate, which aims to ensure enough electric cars and vans hit the market.
The UK successfully navigated the ZEV mandate in its first year, when 10 per cent of van sales and 22 per cent of car sales needed to be electric.
The Government aims for zero emission cars to account for 80 per cent of new vehicle sales by the end of the decade, ahead of a total ban on all polluting vehicles five years later.
Total car sales in February languished behind most other months with just 84,054 new models being registered. This has been put down to drivers waiting for the latest models to hit the dealerships once new number plates were rolled out.
The expert continued, saying: “While December saw EV uptake rates at 31 per cent, a record at the time, this month will likely blow through that, as end-of-quarter deliveries and a desire to get ahead of new tax increases take effect.
“This is also likely to mean that used EVs will be popular in the next few months as more come onto the market as a result of upgrades and leases ending.
“In fact, we already see that used EVs make up around half of all the cars we sell.”
Groot added that businesses are looking to introduce more electric vehicles to their fleets, which will allow them to reduce their National Insurance contributions.
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Many businesses are looking to meet green targets with new electric vehicles in their fleets
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Many hope this will be done before April, when planned price hikes are introduced after they were announced by Chancellor Rachel Reeves in the Autumn Statement last October.
Companies with large vehicle fleets are also looking more intensely at salary sacrifice schemes for electric vehicles, as they can reduce costs for those looking to lease.
Groot highlighted that another benefit of these schemes includes reducing tax liabilities for companies, saving them more money.
