Statistics show an increase in car sales in 2024

Statistics show an increase in car sales in 2024

2024 has seen a rise in new car sales from the year previous, despite notable changes in the sector including the continuing shift towards electric vehicles.

Reports from The Society of Motor Manufacturers and Traders (SMMT) state a rise in sales by 2.6% in 2024 from the previous year, with 1.95 million units sold.

A major factor in the growth of the sector relies on the increase in fleet purchases or leases by organisations, seeing a rise of 11.8%.

In 2024, new electric vehicles made up 19.6% of the new cars sold in 2024, with just under 400,000 electric vehicles sold.

The governments ZEV mandate, which requires manufacturer to sell a set percentage of electrics vehicles, is set to rise to 28% in 2025, encouraging more manufacturers to invest into the EV market.

Reports show 1 in 10 buyers chose an electric car in 2024, with this data excluding those who purchased an EV through the salary sacrifice scheme.

Petrol cars saw the highest sales out of different method of power, with 61% of new cars coming under this category.

Finance an electric vehicle through MAF Finance Group

If you or your business is interested in purchasing a new electric vehicle or non-electric vehicle, our vehicle management team is on hand to provide solutions to your needs. With a range of financial solutions on offer, our vehicle management team can provide you with a custom financing agreement suited directly to your needs.

If you require further information, email us at [email protected], or if you would prefer to speak to us directly, you can call us on 0115 958 6872 and a member of our team will be happy to speak to you.