Our take on the latest Car registrations (Mon 10 Jan 2022)
New car registrations up 39% in the 2021 year
EV registrations up 142% in 2021
Momentum could shift back a gear in 2022
The key numbers...
- New car registrations ended 2021 at a new annual record, with a 36%pa lift in the December month to see year-end growth sitting at 39%pa. There were 112,023 new passenger cars registered in 2021, 2.4% higher than the previous peak of 109,426 in late 2018.
- Used car registrations rose too, albeit at a still-slower pace, up 8.3% in the month to leave year-end growth at 7.7%pa in 2021.
- Full-battery EV registrations rose 142% in 2021, accounting for 4.0% of total registrations – double their share in 2020. Hybrid registrations rose 60% over 2021 and now capture 18% of the market. Diesel registrations remained steady at nearly 7%.
- Although petrol cars as a share of registrations fell from 77% in 2020 to 71% in 2021, petrol registrations still rose 10%pa from a year earlier.
- Rental car registrations slowed further in December, taking monthly registrations below 1,000 for the first time in four months as the Omicron variant deflated tourism expectations.
A record year for new cars
Annual running totals
...and our reaction
- The new car market continues to go gangbusters, with substantial levels of demand seeing new car registrations mark new record highs.
- EVs and hybrids have been key to setting these new records, with monthly petrol and diesel car registrations showing more modest growth.
- Used cars are still struggling, with less supply and sometimes eye-wateringly high prices.
- This year could see momentum in the car market shift back a gear, due to a range of factors. Interest rates are heading higher, and consumer confidence has weakened considerably, which is expected to limit household spending.
- However, the spotlight will remain firmly on new cars, particularly EVs, in 2022. Used car prices are still incredibly high, as supply is limited, making new cars a more viable option. Persistently high fuel prices, rising carbon prices, and government incentives will strengthen interest in EV purchases.
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