The UK’s new car market is experiencing a significant shift towards electric cars, as average discounts for electric vehicles now surpass those for petrol cars. This development marks a crucial moment in the industry’s race to achieve the target of electric cars comprising 22% of total sales by 2024.
According to the Society of Motor Manufacturers and Traders (SMMT), electric cars currently hold a market share of 16.6% in 2024. While this is only a marginal increase of half a percentage point compared to the previous year, there was a stronger demand for electric vehicles in June, reaching 19%.
To reach the 22% target, the UK’s new car market needs to outperform expectations for the remainder of the year. This means that the industry must continue to promote and incentivize the adoption of electric cars to encourage consumers to make the switch.
The increasing discounts on new electric cars indicate that automakers and dealerships are actively working towards this goal. By offering more attractive prices and incentives, they aim to entice customers away from traditional petrol cars and towards the greener alternative.
The growing popularity of electric cars can be attributed to several factors. Firstly, advancements in technology have significantly improved the range and performance of electric vehicles, addressing concerns about limited mileage and charging infrastructure. Additionally, the environmental benefits of electric cars, such as reduced emissions and lower fuel costs, have also played a crucial role in driving consumer interest.
Moreover, government initiatives and policies have provided further impetus for the electric car market. Incentives such as grants, tax breaks, and exemptions from congestion charges have made electric vehicles more financially appealing to potential buyers. The commitment to ban the sale of new petrol and diesel cars by 2030 has also created a sense of urgency for consumers to transition to electric vehicles.
While the current market share for electric cars falls slightly short of the 22% target, the positive momentum and increasing discounts indicate that the industry is on the right track. As more consumers recognize the benefits of electric vehicles and the infrastructure continues to improve, it is likely that the market share of electric cars will continue to rise in the coming years.
In conclusion, the UK’s new car market is witnessing a significant shift towards electric vehicles, with average discounts for electric cars now surpassing those for petrol cars. While the current market share falls slightly short of the 22% target, the industry’s efforts to promote and incentivize electric car adoption, alongside advancements in technology and government support, are driving the increased demand. With continued momentum, it is expected that electric cars will continue to gain popularity and become the dominant choice in the future.
