Electric vehicle market share drops as fleets opt for PHEVs, reports Cap HPI.

The demand for plug-in hybrids (PHEVs) in fleet vehicles is on the rise, impacting the market share of battery electric vehicles (BEVs), according to new data from Cap HPI.

A recent Insight market data report, developed in collaboration with the UK’s largest fleet companies, reveals that there has been a slow start to the year for fleet BEV registrations, while PHEV registrations have seen a sharp increase.

The data shows that the year-to-date fleet BEV share in 2024 has decreased to 38.3%, down from 50% in the same period last year. On the other hand, PHEV registrations have increased from 14.1% to 24.5% of the market. This surge in PHEV registrations is not only absorbing the former demand for diesel and petrol vehicles but also benefitting from a slowdown in BEV uptake. Diesel market share has fallen from 5.1% to 4.2%, while petrol share has increased from 25.8% to 26.5%.

Andrew Turner, senior product specialist at Cap HPI Consulting, commented on the trend, saying, “PHEV registrations continue to grow steadily. With more options available in the market and advancing technology, they are becoming increasingly popular with fleet drivers. It’s clear that PHEVs are serving as a bridge to BEVs on the journey towards achieving net zero emissions.”

The data from Cap HPI also highlights that the Audi A3 was the most registered vehicle by fleets in the first four months of 2024, followed by the Tesla Model Y and VW Golf in the top three. The Audi A3 maintained its position as the top registered vehicle for April, while the BMW i4 saw strong demand, securing second place for the month and fourth place in the year-to-date rankings.

Cap HPI’s Insight report offers monthly market data on fleet registrations from leading fleet operators. This software provides valuable insights into emerging trends, enabling teams to utilise accurate and timely data for industry monitoring purposes.