Analysis from Auto Trader has highlighted that the sale of new electric vehicles could overtake petrol and diesel sales by as early as 2025, while alternatively fuelled vehicles (AFVs) more broadly could pass them even earlier, in 2024.
The report indicates that by 2025, EVs will account for around 10% of the total British car fleet, and AFVs around 18%; by the time the government’s ban on the sale of new petrol and diesel cars comes into effect in 2030, they’re likely to represent as much as 30% and 40% respectively.
The research has also highlighted that as many as 24% of consumers surveyed on Auto Trader are considering buying an AFV, which is up from 16% in November 2020, and 13% from as recently as August 2020. Also, 33% of those considering an EV or hybrid as their next purchase were directly influenced by the prime minister’s announcement in November.
We have also reported that in another analysis by Auto Trader, after the announcement on the ban of new ICE sales by 2030, advert views for new EVs increased 124%, while Auto Trader’s pay per click advertising for electric and hybrid cars recorded a 422% increase in impressions and a 636% increase in clicks, compared to the previous day.
The research from Auto Trader has also shown that the profile of an EV ‘intender’ clearly differs from the one of the average car buyer on Auto Trader.
They are typically older (33% are over 55, compared to just 23% of the Auto Trader average), more affluent (33% are in the +£75k income bracket, compared to 17% of the Auto Trader average), and live in wealthier postcodes, with the top five comprising: SW6, Fulham (16% above national average), NW3, Hampstead (+13%), M20, Didsbury (+10%), W4, Chiswick (+11%) and WA14, Hale (+10%).
In terms of which brands EV intenders are most interested in, Tesla remains the most desirable by some distance, accounting for 27% of electric car advert views in December, followed by Nissan (11%), Renault (8%), Volkswagen (8%), and BMW (7%).
Auto Trader’s commercial director, Ian Plummer has explained that the interest for electric vehicles keeps increasing as more affordable and improved EVs are coming onto the market.
“We’ve based our projections quite conservatively on the current trajectory of AFVs and ICE vehicles in the market, as well as the trends we’re observing on our marketplace,” he said. “Over the last few years, we’ve seen consumer sentiment towards electric grow steadily, and whilst conversion from consideration to purchase remains relatively low, it is accelerating as the latest models become ever more attractive, while aspirational brands like Tesla help shift consumer perception.”