Monday, September 25, 2023

The UK electric car market: who are the buyers?

A recent study by the Society of Motor Manufacturers and Traders (SMMT) found that only a quarter of new electric cars are purchased by private individuals. Data shows that fleet buyers account for 75% of electric vehicle (EV) purchases, although electric vehicles are expected to account for nearly 18% of the new vehicle market by 2023.

SMMT chairman Mike Hawes assured private buyers that switching from traditional petrol or diesel cars to electric cars was no longer a risky decision. He stressed that the UK has the necessary industrial capabilities, technological enthusiasm and scale to take a leadership role in the electric vehicle market. However, he also stressed the importance of the government supporting consumers as part of its commitment to manufacturing electric vehicles in the country.

The SMMT also revealed that there is a significant increase in electric vehicle registrations in the UK, with a new electric vehicle being registered every minute. This represents a 21-fold increase compared to 2018. However, many private buyers are raising concerns about the accessibility and affordability of electric vehicles, particularly in relation to public charging infrastructure.

The study found that 84% of electric vehicle owners have access to a personal charger, making charging more convenient. Additionally, 90% of these owners said they would no longer use traditional gasoline cars.

To overcome the hurdles preventing private buyers from adopting electric vehicles, the SMMT is calling on the government to implement measures such as reducing VAT on new electric cars to bring prices in line with their petrol equivalents. They also recommend raising the vehicle tax threshold and reducing VAT on public charging services. In addition, the SMMT advocates setting regulations for new public vehicle chargers to ensure sufficient infrastructure is in place before the ban on new petrol and diesel cars comes into force in 2030.

Post navigation

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news