Rising fleet demand for plug-in hybrids (PHEVs) is impacting on battery electric vehicle (BEV) market share, new data from Cap HPI reveals.

A slow start to the year for fleet BEV registrations has contrasted with a sharp rise in PHEV registrations

Its latest Insight market data – developed with the support of the UK’s largest fleet companies – shows a slow start to the year for fleet BEV registrations has contrasted with a sharp rise in PHEV registrations.

The report shows the year-to-date fleet BEV share in 2024 is 38.3%, a marked decline from 50% in the same period last year.

But PHEV registrations increased from 14.1% to 24.5% of the market – mopping up former demand for diesels and petrols but also benefiting from a fallback in BEV uptake. Diesel market share fell from 5.1% to 4.2%, while petrol share increased from 25.8% to 26.5%.

Andrew Turner, senior product specialist at Cap HPI Consulting, said: “PHEV registrations continue to go from strength to strength. There are more choices available in the market, and technology continues to advance. Clearly, they are proving popular with fleet drivers and no doubt provide a bridge to BEVs on the road to net zero.”

The data also reveals the Audi A3 was top of the list for fleets registrations across the first four months of 2024, with Tesla Model Y and VW Golf making up the top three. The A3 was also the top registered vehicle for April, while the BMW i4 came in second on the back of strong demand that’s also propelled it to fourth place in the year-to-date table.

Cap HPI’s Insight report provides monthly market data on fleet registrations by leading fleet operators. The software provides valuable insights on emerging trends and helps teams use accurate and timely data to monitor the industry.