Over 50% of drivers in the UK are likely to select an electric vehicle (EV) as their next car, rising to 75 per cent among those aged 18 to 24, according to new research published to correspond with World EV Day.
According to the survey, 45% of current EV drivers stated that their decision to ‘go electric’ was motivated by a desire to lessen their carbon footprint.
The study, which was commissioned by CA Auto Bank’s UK vehicle financing division CA Auto Finance, did, however, issue a warning that, even as driver interest in EVs grows, a number of adoption barriers still exist and may make it more difficult for manufacturers to meet the sales targets set by the Zero Emissions Vehicles (ZEV) Mandate.
For instance, battery life was cited as the top issue by 55% of current EV drivers, followed by attainability of charging stations and then range anxiety, which was recognized by 38 and 37 per cent of informers, respectively. Since making the move, 42% of EV drivers said they have felt pressured to schedule their trips in advance in order to account for issues with range and charging facilities.
Furthermore, around a third of present EV drivers stated they were hesitant to buy a used electric car because they were worried about the car’s residual value, even though three quarters of them would consider doing so.
According to the ZEV Mandate, at least 22% of new cars and 10% of new vans sold must be zero-emission vehicles this year. After that, the requirement will rise annually to 80% by 2030 and 100% by 2035.
With sales of zero emission vehicles continuing to rise, EVs’ market share reached 22% in August, and several manufacturers are on course to meet this year’s target.
The SMMT, a trade association for the auto industry, has cautioned that while the market as a whole is unlikely to hit the 22% target for the entire year, some manufacturers may still face fines. The industry has consistently urged the government to enact fresh incentives to promote the continued use of EVs and increase funding for the infrastructure necessary for charging them, particularly in rural areas.
According to today’s survey, nearly four out of five drivers in the UK say they would be motivated to switch to an EV by incentives.
“Although opinions on electric vehicles in the UK are clearly mixed as the market as a whole continues to change, the long term outlook for these vehicles is still bright,” said Christian Gorton, marketing Director at CA Auto Finance. He added, “According to our research, younger drivers are especially keen to convert to electric vehicles (EVs), and organic growth may be possible given the ongoing decline in the list prices of new EVs. Nevertheless, in order to keep current EV drivers and entice new ones to convert, we need industry-driven solutions that facilitate EV adoption as well as a clear government strategy outlining how it would assist the sector in achieving its lofty goals.”
Additionally, he forecast that worries regarding used EVs’ residual value will eventually subside. “When consumers realize that an electric vehicle that is three to five years old still has almost all of its original range and performance, the demand for older EVs is already rising. Consumer interest in pre-owned EVs is gradually turning as a result of the notable depreciation that has been seen in recent months, which has led to some incredible deals in the used EV market,” he said.
In related news, energy behemoth ScottishPower announced EV Optimise, a new smart tariff that enables electric vehicle owners to save money on their electricity bills by automatically charging their vehicles during periods of low demand on the UK power grid.
Over 10,000 EV clients and over 4,000 home chargers have been installed, according to ScottishPower.
It further stated that users would be able to charge their EVs for as little as 2p per mile with EV Optimise—roughly six times less expensive than the cost of gasoline.
“Our goal is to facilitate the switch to electric vehicles while maintaining the advantages that come with owning or renting a low-carbon car for our clients”, said Andy Mouat, head of smart mobility at ScottishPower. “Customers may opt in, plug in, and let us handle the rest with EV Optimise. We will make sure to charge during the most economical and environmentally friendly periods and provide the savings back to our clients. Our EV-driving customers not only reduce their expenses and carbon footprint, but they also assist us in advancing the decarbonization of the UK”, he added.
