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UK Automotive Intelligence
OEM-Level Market Share & Trends
OEM-Level Market Share & Trends
Total New Car Registrations (2024)
1. Approximately 1.95 million units
2. Marking a 2.6% year-on-year increase.
Top-Selling Brands:
1. Volkswagen
2. Ford
3. Tesla
4. BYD
Emerging Trends:
1.Chinese Brands
2. SUV Dominance
Vehicle Registration Data
Total Vehicles Registered (2023):
Approximately 2.5 million, a 16% increase compared to 2022.
Zero Emission Vehicles (ZEVs):
1. Around 342,000, representing a 17% increase from the previous year.
2. ZEV Market Share: Accounted for 16% of all new car registrations.
Regional Insights:
1. London: Leads in ZEV adoption, driven by Ultra Low Emission Zone (ULEZ) policies.
2. Scotland: Notable growth in EV registrations, supported by government incentives.
Automotive Insurance Landscape
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Market Size (2024):
Valued at £21.33 billion, with projections to reach £28.59 billion by 2030, growing at a CAGR of 5.06%.
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Key Players:
AVIVA, AXA Insurance UK PLC, Direct Line Group, Zurich Assurance Ltd, Hastings Insurance
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Current Trends:
Premium Increases: Average premiums rose by 25% over the past year, influenced by higher repair costs and reinsurance rates. Electric Vehicles: Insurers are adapting to the unique risk profiles of EVs, considering factors like battery replacement costs.
Insights for Stakeholders
Power decisions for underwriting, partnerships, and pricing.
OEMs:
Opportunity to expand electric and hybrid vehicle offerings to meet growing demand.
Insurers:
Need to develop tailored products for EV owners, considering unique risk factors.
Financiers:
Adaptation to regulatory changes is crucial to maintain consumer trust.
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