How popular will electric vehicles become in the next five years?
Many of us are becoming more and more environmentally conscious and so we want to share some exciting new research that shows the direction of travel for electric vehicles in Britain.
To celebrate Earth Day, a worldwide event held annually on 22nd April to show support for environmental protection, our data insights team commissioned a study into the nation’s attitudes towards electric vehicles.
And we found that almost a quarter of Brits (23%) see themselves driving an electric vehicle within five years.
Interestingly, we also unearthed a generational divide, with people under the age of 45 more likely to be driving electric vehicles within five years (32%) compared to people over the age of 45 (18%).
Specifically, people aged between 25 and 34 are most likely to be driving an electric vehicle by 2026 (35%), with people aged between 18 and 24 the second most likely age group (34%).
Electric vehicles are a popular choice for people wanting a greener way to travel as they are powered by electricity rather than a combustion engine and emit dramatically lower levels of harmful gases into the atmosphere.
Regionally, people living in the South East say they are most likely to be driving an electric vehicle within five years (28%), followed by people in the Midlands (24%). In the North of England, 18% of respondents said they’re likely to be driving an electric vehicle within five years – the lowest percentage of any region.
What are people’s motivations for buying electric vehicles?
Environmental factors and financial savings are the key motivations when deciding to invest in electric vehicles.
Our data insights team found that the main motivation for people wanting to drive an electric vehicle is the environmental benefits, with more than a third of respondents (34%) selecting this option.
The second most influential factor was cheaper fuel (28%), followed by tax incentives (12%), higher resale value (3%) and electric vehicles being fashionable (3%).
Despite environmental benefits being the number one motivator, over 40% of respondents chose a financial factor as their main motivator.
Respondents aged under 45 were most likely to choose environment benefits as their biggest motivator, with 43% of this age group selecting this option.
How do people feel about investing in car charging points at home?
Our research also revealed that one in five (20%) people plan to invest in an electric car charging point at home within the next five years.
However, homeowners younger than 45 are more than twice as likely to invest in such a feature (30%) than homeowners aged over 45 (13%).
People living in the South East were found to be most likely to invest in a home car charging point by 2026, with 25% of respondents in the region reporting that they’re likely to buy one.
Volkswagen Group delivered 231,624 fully electric vehicles to customers globally in 2020 – more than three times as many as in 2019.
What do the experts say?
Mike Todd, CEO at VWFS, explained that electric vehicles are set to become increasingly more popular over the coming years.
He said: “The Government has said it will ban the sale of diesel and petrol engine cars by the end of the decade, which provides a clear timescale for manufacturers, retailers, and finance providers to make the switch to electric vehicles for motorists as convenient and desirable as possible.
“It’s fascinating to see that one in five people are likely to invest in a car charging point at home in the next five years, which signals a clear direction of travel towards more widespread adoption of electric vehicles.
“We’re delighted to already be supporting our customers with the transition to an electric vehicle following the launch of our Lease&Care package late last year. It’s been designed to alleviate the unknown costs and depreciation some consumers’ associate with purchasing an electric vehicle, allowing our customers to have flexibility and more certainty over future expense when making the switch.”
How can you finance an electric vehicle?
People looking to make the switch to an electric vehicle can read about the VWFS Lease&Care package, which has been designed to make medium and high-end priced electric vehicles more affordable.
This new way of attaining an electric vehicle allows motorists to swap between models to suit their lifestyle.
For more information, click here.
