Strong demand from consumers is accelerating the sale of battery electric vehicles (BEVs) in the United Kingdom market. According to a recent report from Reuters, UK residents are purchasing a new electric vehicle every 60 seconds, indicating a surge in electric vehicle interest in the country despite relatively poor economic conditions.
Including the UK, several countries in the European Union as well as the United States and China have pledged to replace the diesel/petrol-powered cars on their roads with zero-emission electric vehicles. However, factors such as high purchase points and limited charging infrastructure have slowed down EV adoption in most markets.
The UK has been especially hit with inflation in the aftermath of Brexit, the coronavirus pandemic, and the Russia-Ukraine war, which significantly exacerbated an ongoing energy crisis in Britain. Inflation in the country reached a four-decade high of 11.1% in October 2022 and has eased up slower than in other developed nations.
Poor economic conditions in the UK also caused the Society of Motor Manufacturers and Traders (SMMT) to slash its prediction of EV sales by 0.7% to 951,000 cars. But despite the inflationary pressures plaguing the UK, drivers in the country are adopting electric vehicles in increasing numbers.
SMMT chief executive Mike Hawes noted that despite rising living costs and inflation in the UK, consumers must be incentivized to buy electric cars to keep the UK on track with its green-energy and electrification goals. This includes a proposed zero-emission target that would require at least 22% of car sales from every vehicle manufacturer comprised of battery electric vehicles.
With incentives and subsidies from the government, electric cars may be cheaper for a majority of the UK population to afford. This would make it easier for the UK to meet its electrification goals and compete with other markets in terms of achieving global emission goals.
SMMT said in a recent statement that although UK residents have stepped up their EV purchases in recent months, EV adoption in the country will have to grow even faster for the UK to meet its goals and compete globally.
Based on current EV sales trends, the organization predicts that battery electric vehicles will make up 22.6% of the market share by 2024. Deloitte’s automotive partner and head of electric vehicles Jamie Hamilton adds that with manufacturers developing a plethora of new EV models for the British market, more consumers may be tempted to ditch their petrol and diesel-powered cars for EVs.
As sales take off in different countries and markets, manufacturers such as Nikola Corporation (NASDAQ: NKLA) are likely to get even more innovative in finding ways to get a bigger slice of the overall sales of EVs.
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