Electric Vehicles Shock the Market
Nearly a Quarter of UK New Car Sales in February Were EVs
Electric vehicles (EVs) have been gaining momentum in the car industry for several years now, and it appears that this trend is only set to continue.
According to the Society of Motor Manufacturers and Traders (SMMT), EVs accounted for nearly a quarter of all new car sales in the UK in February 2023, a significant increase from the same period last year. Let’s explore the reasons behind this surge in popularity and what it means for the future of the industry.
Benefits of Electric Vehicles
One of the main reasons for the rise in demand for EVs is their many benefits. Most people are now aware that they have significantly lower emissions than traditional petrol or diesel cars, making them a more environmentally friendly option which is particularly important given the increasing concern about climate change and air pollution. They’re also generally cheaper to run than their traditional counterparts.
EVs are quieter, which can benefit those living in urban areas, and for those travelling greater distances the ranges they are now able to provide are increasing significantly. Additionally, they tend to require less maintenance than traditional fuel cars, which can save money over the lifetime of the vehicle.
Improvements in Charging Infrastructure
Another reason for the growing popularity of electric cars is the increasing availability of charging infrastructure. In the past, one of the biggest concerns for potential buyers was the lack of charging stations. However, this has changed significantly in recent years, with many more charging stations being installed right across the UK. This means that drivers are now able to travel greater distances without worrying about running out of power. Range anxiety almost a thing of the past?
The UK government has also announced plans to invest £1.3 billion in charging infrastructure, which will help to further increase the availability of charging stations across the country. This investment is part of a wider plan to achieve net-zero emissions by 2050.
The UK government has implemented a number of incentives to encourage people to switch to EVs. These include grants, which can significantly reduce the upfront cost of purchasing an Electric Vehicle. The government has also introduced tax breaks for EV drivers, making them a more affordable option.
In addition, the government has set ambitious targets for the phasing out of petrol and diesel cars. By 2030, the sale of new petrol and diesel cars will be banned, and by 2035, all new cars will need to be zero-emissions vehicles. These targets will help to drive demand and encourage more people to make the switch.
The surge in demand is expected to continue in the coming years. Manufacturers are investing heavily in the development of new models, with many more expected to hit the market in the near future. This will give consumers more choice and help to drive down prices as competition increases.
Additionally, the government’s commitment to achieving net-zero emissions by 2050 will mean that there will be increasing pressure on people to switch. As the availability of charging infrastructure increases and the cost of these cars continues to fall, it’s likely that more and more people will make the switch.
The surge in popularity of EVs is being driven by many factors. Their benefits, improvements in charging infrastructure, government incentives, choice and cost savings, etc. As the car industry continues to shift towards electric power, we’re certainly going to see more EVs on the roads in the coming years. This shift will have significant implications for the industry, as well as for the environment and society as a whole. Plug in and enjoy the ride.
Alan Stenson, CEO