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The rise of electric cars

Electric vehicles continue to rise in popularity, driven by technological advances and growing efforts to tackle emissions and support the environment.

Many leading car manufacturers are leading the charge, with Jaguar, Volvo, Lotus and General Motors all suggesting that they will only sell electric cars by 2035, or sooner in many cases.

Ford has also predicted that all vehicles sold in Europe within a decade will be electric – and given that numerous governments are aiming to ban the sale of diesel and petrol vehicles in the years ahead, this would seem likely.

Understanding the global electric car picture

The growth of electric cars is backed up by sales too, as 3.2 million units were sold in 2020 – a 43% surge against a backdrop of falling overall car sales as a result of the pandemic.

Overall it represents 5% of global car sales, but predictions from investment bank UBS suggest that figure will be 20% by 2025, and 40% by 2030.

By 2040, it is claimed, nearly every new car sale around the world will be electric, representative of the rapid growth that is expected.

But what about the UK?

According to Next Green Car, around 260,000 fully electric vehicles were on UK roads in late May this year, a figure that jumped to more than 535,000 when plug-in hybrid models – those combining a battery and combustion engine – were also included.

The firm adds that 175,000 electric vehicles were registered in the UK in 2020, up 66% from the year before, as drivers start to turn their backs on diesel vehicles.

This is backed up by figures from the Society of Motor Manufacturers and Traders, which show that electric and hybrid sales accounted for a record-high 13.9% of the market in March this year, a rise from 7.3% just 12 months earlier.

A government grant of up to £2,500 for certain new low-emission vehicles, added by a dealership at the point of sale, reduces the purchase price for drivers too, helping to make the vehicles more appealing to buyers.

electric charging point

Backed up by infrastructure growth

Tourism body Visit Britain reports that there is an extensive network of more than 20,000 electric vehicle charging locations in operation and that the number continues to rise each year.

Thousands of free charging points can be found across the UK, from supermarket car parks and shopping centres to hotels and service stations.

From 2016 to 2020, Next Green Car states that the number of public chargers surged by 220%, while local authorities across the UK are installing on-street options, helping to make electric vehicles accessible to those without off-road parking.

The Department for Transport has an annual allocation of £20 million set aside to help councils with installation costs, in addition to a central pot of £1.3 to support the nationwide rollout of electric vehicle charging points.

It’s important to note that private companies have also got involved, with many operating their own networks of charging systems – BP Pulse, for example, owns and runs the UK’s biggest network of public chargers.

The rise in electric car sales has gone hand-in-hand with technological and infrastructure advances, all against a backdrop of the government wanting to be net-zero emissions by 2050.

Representing one of the world’s most ambitious climate change targets, the growth of electric vehicles will play a vital role if it’s to be achieved.

Protect your investment

By purchasing an electric car, you are investing in your future and doing your bit to protect the environment. Don’t forget to purchase an excess protection policy for your electric vehicle, not only can you insure your excess, but you can benefit from lower insurance premiums too!

Date Created: 31/08/2021

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