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Deloitte comments on SMMT new car registration figures

Jamie Hamilton, automotive partner and head of electric vehicles at Deloitte, said:

“New car registrations grew, year-on-year, by 26.2% reflecting ongoing fleet and consumer demand and a seventh-consecutive month of sales growth.

“Consumers have a growing interest in electric vehicles, more recently as a way of lowering overall day-to-day expenditure as the cost-of-living crisis continues. The fully electric and plug-in hybrid segment of the market for both private and fleet sales now accounts for 22.8% of overall market share.

“The second hand market still has some way to go to reach maturity and make EVs more affordable for consumers. Overcoming anxieties about battery life will also support this.

“With a fast-growing population of electric vehicle drivers in the UK, there are new opportunities for tertiary markets – both existing and new - to engage with. One in five (21%) electric vehicle drivers look for retail and hospitality amenities when charging their vehicle away from home. With a third (36%) of EV drivers prepared to wait between 21 and 40 minutes to charge from empty to 80% battery capacity, and one in four (25%) prepared to wait between 41 minutes and an hour, there is a new market opportunity for retailers and hospitality venues to cater to consumers during this charge window.

“As charging infrastructure continues its rollout, the focus is now turning to consumer expectations and how the charging process, particularly away from home, can be made easier. For example, simplifying payments with a single account rather than one per charging point type.

“We expect a number of regulations to come down the line which will further specify the proportion of electric vehicle stock to be produced by manufacturers. From both sides - consumer and manufacturer – the EV market is growing, and growing at pace.”