Welcome to the latest edition of The Road to 2035 by Auto Trader
The Road to 2035 report tracks the progress of electric vehicle (EV) adoption as the UK moves closer to the ban on the sale of new petrol and diesel cars.
Using Auto Trader data and insights, the Report answers questions that are vital to understanding the EV market and how the industry and policymakers can drive mass adoption.
The latest edition of the Report focuses on: the incentives currently being offered by manufacturers and retailers to stimulate retail demand for new electric cars; the impact of those incentives coupled with an increased supply of used electric cars; and how affordability is the key to unlocking the early majority of buyers.
Published 2nd September 2024
Opening remarks from Ian Plummer, Commercial Director:
Unfortunately, from multiple points of view - climate, industry transformation and mass consumer adoption - private new electric car sales are still not where they need to be. As we approach the final quarter of 2024, the first government mandated year of new electric car sales, the industry is still fighting an uphill battle.
With demand for new electric cars still low and growing at a slow rate, we’re expecting price competitiveness to be used as a key lever to meet the Zero Emission Vehicle mandate as we enter the closing stages of the year.
But there’s good news from the used electric market where prices have started to stabilise after nearly two years of decline. The level of decline that we’ve seen is still helpfully creating price parity in certain age cohorts, and we’re seeing huge growth in demand here as consumers begin to understand what they can get for their money in the burgeoning used electric market.
Another bright spot is the roll out of the UK’s public charging network which has outpaced new car sales growth. With over a third of consumers citing the public infrastructure as a concern, this is sure to ease adoption fears, if we can make sure they see and feel the proof on their travels.
Read on to explore all this and more in this edition of The Road to 2035 Report.
Where are we on the Road to 2035?
Swipe through the report below.
The steps we need to take to accelerate adoption
Concluding remarks from Erin Baker, Editorial Director:
Good news! The data clearly tells us that when the price is right, consumers are keen to buy electric cars. We know people love driving electric and many don’t look back once they’ve made the switch.
Bad news! The number one barrier to adoption, price, is stubbornly blocking mass adoption, specifically in the new car market. We’ve seen the lack of affordable options available to consumers impacting demand and this isn’t likely to change any time soon.
As we’ve highlighted, there are steps that industry and government must take to drive adoption among this early majority including:
- Maintain existing Benefit in Kind and salary sacrifice schemes to support new car market
- Develop targeted financial incentives for used electric market
- Be proactive and transparent about future changes in road pricing and taxes for electric cars
- Support the charging industry by speeding up the roll out and removing planning issues
Only by taking these steps and listening to the consumer will we achieve the ultimate goal of mass adoption by 2035.