EVs to dominate UK’s new vehicle market by 2028
Electric vehicles are expected to be the dominant fuel type in the UK’s new vehicle market by 2028.
According to research carried out by Cox Automotive, electric vehicles will account for 36% of all new sales, while petrol vehicles will account for just 30%.
This continues a sales growth of 560% over the last four years, with about 979,000 EVs joining the UK market. In contrast, diesel sales have declined by 76% during the same period, or about two million units.
However, Cox Automotive has also warned of significant barriers around continued EV sales growth, with cost remaining the main issue putting off drivers – 69% of respondents to its consumer attitudes survey said they would not pay more for an EV compared to a petrol or diesel equivalent, while EVs remain 12% more expensive on average.
Philip Nothard, insight director at Cox Automotive, said:
“The next four years will remain volatile as the sector adapts to economic headwinds and ever-evolving consumer demands. We will continue to bear witness to the rise of new manufacturers, including those from China and other international markets, while incumbent manufacturers adjust their in-market strategies. All while the industry responds and adapts to increasingly diverse local and internal regulations.”
Meanwhile, Cox Automotive is predicting just over two million car registrations this year, an increase of 1.5% increase on last year but still 13.3% behind the 2001-2019 average.
