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Current EV Market Share, Consumer Demand, and Trends in the UK

Press Release

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The UK is gearing up to be one of the biggest markets for electric vehicles in Europe. With the government pushing for zero emissions by 2050, going electric fits the mantra. But the current share of hybrid and electric cars remains bleak. In March 2020, the total number of new electric vehicles registered in the UK reached 11,700. Although this may seem like a good number, it only accounts for a small percentage of total new registrations.

2020 will be the year of electric cars

Many car manufacturers around Europe are gearing up to make 2020 the year for electric cars. The incoming wave of new models will entice private and business consumers in the UK and surrounding countries. While earlier electric cars mostly target a niche market, these new models coming from familiar brands will appeal to the masses. For instance, famous British carmaker Mini Cooper is coming up with an electric model soon.

With the incoming surge of new electric cars, consumers will have at least 175 models to choose from by the end of this year, or as early as the first half of 2021. Indeed, the electric car manufacturing industry is way ahead of the demand, especially since the UK plans on banning combustion-engine vehicles by 2035. 

Supply will cater to both private and business consumers

The UK is committed to spending more on building infrastructure supporting EV use. Apart from installing more public charging stations, they are also subsidising the installation of workplace and home chargers. Companies like Power EV (click here to visit their page) has partnered with the government to encourage companies and consumers to consider installing charging stations. 

With the higher supply of electric cars, there should be more than enough to cover for the demand in the UK, and Europe in general. In the UK alone, electric car sales will rise by another 5.5% this year. By 2026, EV sales should account for at least one-fifth of all vehicle sales in the country. Similar positive predictions are expected for other developed countries around the EU.

EV sales still trailing behind

Despite new regulations to reduce carbon emissions, electric vehicle sales still haven’t reached the expected uptake compared to petrol and diesel cars. According to a survey conducted in October 2019, one of the major deterrents to ownership is the perceived higher cost. Indeed, an electric car is more expensive than its combustion-engine equivalent. But, if the demand keeps going up, prices are bound to go down gradually. An analysis conducted by Deloitte estimates that 2022 is the year when EV ownership costs will be at the same level as fossil fuel cars.

Another cause for concern in the UK is the consumer anxiety over the relatively shorter driving range of EVs. But the investment in charging stations across the UK proves to be the government’s answer to this concern. While new models feature a better driving range, still it falls well below the range consumers are accustomed to with petrol and diesel cars. Indeed, access to public and workplace charging stations will boost consumer confidence in buying electric vehicles.

Other source: 

https://www.statista.com/topics/2298/the-uk-electric-vehicle-industry/https://www.theguardian.com/environment/2019/dec/25/2020-set-to-be-year-of-the-electric-car-say-industry-analysts

Image: https://unsplash.com/photos/2Lo0VJZIrgI