EV demand shows signs of stalling
- 1 August 2022
- Posted by: Alan Feldberg
- Category: News
The UK appetite for electric vehicles (EVs) appears to be in decline with fewer people saying they expect to own an EV in the next decade.
A recent CarGurus study has found that despite petrol prices reaching record highs and the sale of new petrol and diesel cars banned from 2030, demand for EVs has decreased since last year. Notably, potential ownership in the next five (44% vs 40%) and 10 years (66% vs 59%) both declined.
CarGurus research found the decrease in interest has come largely from the younger generation, with 18-29-year olds’ likelihood of EV adoption in the next 10 years dropping from 74% to 56%.
The research also found that more availability of charging stations was a key in future adoption for potential EV drivers (49%), while battery range and charge time (47%) and cost (43%) were also telling factors.
Alexandra Howerter, senior customer insights analyst at CarGurus, said: “Our research shows that we are still noting the same concerns around EVs that we have been hearing since they first started to emerge on the UK market, whether that be the availability of charge stations, or charging capacity improvements. Any future improvements to the electric vehicle infrastructure will seemingly have a positive impact on potential EV take up.”