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New car registration increased by 28% in March 2021
12 April 2021
The number of new company cars registered to fleets increased by 28% (34,686 more cars) in March 2021, compared with the same period in 2020.
The Society of Motor Manufacturers and Traders (SMMT) found that in total, there were 283,964 new car registrations in March 2021, with fleet and business registrations accounting for 55.3% of the month’s market share.
Although, recent research has shown that demand for new cars is down in 2021 compared with previous years, with year-to-date figures from the SMMT showing that new car registrations in the first three months of 2021 are down by 6.4% compared with the same period of 2020.
The SMMT says that in January to March 2021, there were 58,032 fewer new car registrations than in 2020 – the equivalent of £1.8billion in lost turnover.
Interestingly, the research also found that the market share for battery electric and plug-in hybrid vehicles almost doubled increased from 7.3% in 2020, to 13.9% in 2021.
Registrations of battery electric vehicles increased by 88.2% 22,003 units, plug-in hybrid vehicles increased by 152.2% to 17,330 united and hybrid electric vehicles increased by 42.0% to 21,599 units.
SMMT chief executive Mike Hawes said, “The past year has been the toughest in modern history and the automotive sector has, like many others, been hit hard. However, with showrooms opening in less than a week, there is optimism that consumer confidence – and hence the market – will return.
“We know we will see record breaking growth next month given April 2020 was a washout, but a strong and sustainable market is possible if customers are attracted to the choice and competitive offer the industry is able to provide within the safest of showroom environments.”
He explained to Fleet News that “new plug-in models are already helping drive a recovery, but to convince more retail consumers to make the switch, they must be convinced these electric vehicles (EVs) will be fit for purpose, which will rely on a comprehensive charging infrastructure”.
We at Marshall Leasing are pleased to see the fleet industry registering a majority market share of new cars, particularly electric and hybrid vehicles. We understand that many businesses are currently recovering from the recent periods of lockdown and current pandemic, and our team of experts would be delighted to assist with your fleet strategy and management.
To get in touch with us, please email info@marshall-leasing.co.uk or calling 01480 414541.
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