United Kingdom Car Registrations

New car registrations in the UK increased 18.3% year-on-year to 128,462 units in December of 2022, a fifth consecutive month of growth. Battery electric vehicles (BEVs) claimed their largest-ever monthly market share (32.9%) while plug-in hybrids (PHEVs) saw their annual share decline to 6.3%. Still, considering full 2022, new car registrations went down 2% to 1.614 million, around 700,000 units below pre-Covid levels, due to supply chain shortages. Looking ahead, supply chains are beginning to stabilise and although the shortage of semiconductors is expected to ease, erratic supply will likely impact manufacturing throughout 2023. The most recent market outlook, published in October 2022, anticipates around 1.8 million new car registrations in 2023, worth around £8.4 billion in additional turnover, according to SMMT.