The sale of petrol cars is predicted to plummet within the next three years as electric vehicles (EVs) are poised to take over the UK’s roads.
The automotive industry is expected to face a period of instability over the next four years, grappling with economic challenges and the rapidly changing preferences of consumers. By 2030, the UK government has set an ambitious target for 80 per cent of all new cars sold to be electric. Fresh research indicates that by 2027, electric vehicles and petrol cars will each hold around a 34 per cent share of the market.
Electric vehicle sales are on track to climb to 24 per cent this year and are forecasted to hit 30 per cent by 2026, aligning with last year’s government goal of 22 per cent. However, despite these projections, the uptake of battery-powered vehicles has not seen a significant increase in the past two years.
To achieve the UK’s environmental commitments, which include phasing out new petrol and diesel car sales by 2030 and hybrid vehicles by 2035, a more substantial shift in consumer behaviour will be necessary, reports Birmingham Live.
Kia’s UK boss, Paul Philpott, isn’t overly worried about the initial phase of the government’s targets but acknowledges the steep challenge ahead: “I’m not too concerned about the first three years [of government-mandated targets] but the transition from 33 per cent in 2026 to 80 per cent in 2030 is a big leap,” he said. “That’s when we’ve got to accelerate.”
Philip Nothard from Cox Automotive has warned of upcoming volatility in the automotive sector, stating: “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.”
He went on to emphasize that achieving growth targets would be closely linked to how well newcomers can establish themselves, saying: “Achieving this target will be heavily dependent on the ability of new market entrants to establish their brands and build trust with UK drivers.
“The confidence of the fleet and leasing sectors will also play a critical role in sustaining growth and driving the transition toward alternative fuel vehicles.”
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