- The number of prospective car buyers in the UK planning to go for some form of electrification is on the rise each year, according to a survey conducted by EY.
- 59% of survey respondents who are looking to purchase a car in the next two years plan to go for either a fully-electric, hybrid, or plug-in hybrid model – up from 54% in a 2023 survey.
- The results show a promising rise for the future market share of EVs, but also highlight the work still needed to convince more consumers to switch to electric – with 36% of respondents still preferring to purchase an Internal Combustion Engine (ICE)-powered vehicle as their next car.
EV confidence on the up?
Breaking down the 59% preferring some form of electrification, 23% of respondents had intent to purchase a fully-electric vehicle. On top of that, a majority 56% of respondents in this EY research claimed they were extremely or somewhat likely to purchase a car, of any powertrain type, in the next two years. This indicates a significant opportunity for the EV industry in the UK, particularly if that proportion choosing to go electric continues to rise in the next couple of years.
The results also highlighted the factors that are most convincing people to switch to electric vehicles. In order of popularity, the top three were environmental concerns, listed by 35% of those interested in EV purchase, dodging fuel prices, mentioned by 31%, and avoiding increasing taxes against ICE vehicles, at 27%.
Despite the positive picture of rising EV purchase intent, the results still highlight hurdles to mass EV adoption across the country, with several concerns highlighted by those not choosing to go electric on their next purchase. The most common response at 37% was a higher initial purchase price. That’s something we’re starting to see move in the right direction however. A couple of new EVs are already achieving price parity with ICE equivalents, such as the Vauxhall Frontera and Skoda Elroq, while for buyers happy to look at used options, EVs are already offering serious value for money. Another common barrier was a lack of charging facilities within the purchaser’s area. This stood at 23%, but down from 37% in 2023, indicating an improvement in the UK’s charging network.
David Borland, EY UK & Ireland Automotive Leader, commented on the results:
“Following the remarkable resilience shown by the UK’s automotive sector over the past couple of years with consistent growth in new car registrations, it is encouraging to see EY’s latest Mobility Consumer Index suggesting that the nation’s forward-looking car buying intent is also on the rise. This is particularly pleasing given the challenges the UK has seen in declining private retail demand for vehicles in recent times, with fleet sales playing a crucial role in driving new car registration growth.”
