UK new car registrations at decade high

The Society of Motor Manufacturers and Traders (SMMT) reports that new car registrations in the UK reached a 10-year high in 2014. During the 12-month period a total of 2,476,435 new cars were registered, the highest number since 2004 and the fourth highest figure ever – only 2002, 2003 and 2004 saw a greater number of cars registered. This 2014 result was 9.3 per cent above 2013 figures and, according to results for January to November 2014, 5.7 per cent ahead of the EU average.

“UK new car registrations returned to pre-recession levels in 2014, as pent-up demand from the recession years combined with confidence in the economy saw consumer demand for the latest models grow consistently and strongly,” commented SMMT chief executive Mike Hawes. “The year was particularly strong for alternatively-fuelled vehicles as increased choice, coupled with a growing desire for reduced costs and greater efficiency, resulted in a quadrupling of plug-in car registrations over 2013 (to 14,498 units). With a variety of new plug-in models expected in 2015, this area of the market will continue to grow significantly. For the market as a whole, we expect a more stable 2015 as demand levels off.”

Behind Germany, the UK is the second largest new car market in the EU, and it recorded the second-largest growth of the top five car markets (Germany, UK, France, Italy and Spain). The 8.7 per cent year-on-year rise in December 2014 was the 34th consecutive month of growth.