More Than Half of UK Drivers are Ready to Go Electric

In 2023, global electric car sales surged to more than 14 million, a 35% jump from 2022, according to the IEA. 

This trend is also becoming apparent in the UK, with new data published on World EV Day (9 September) revealing a growing trend towards electric vehicles.

It highlights that 52% of drivers are likely to choose an EV for their next car, while the figure among younger drivers aged 18 to 24 jumps to 75%.

Commissioned by CA Auto Finance, the study also highlights that 79% of drivers would be more inclined to switch to electric if more incentives were offered.

CA Auto Bank, owned by Crédit Agricole, supports this shift through flexible options like electric car sharing via Drivalia, with more than 1,600 charging stations in Italy and plans to expand.

Charging infrastructure concerns

Despite growing interest in EVs, the research reveals some major concerns still holding drivers back.

More than half (55%) of current EV drivers cited battery life as their biggest worry, while 38% flagged issues with the accessibility of charging stations.

Range anxiety – the fear of running out of power on longer trips – is also a sticking point for 37% of drivers. This suggests that, while the appetite for EVs is clear, there is still work to be done in improving infrastructure to fully support drivers in making the switch.

Meeting the UK’s Zero Emission Vehicle (ZEV) mandate, which aims for 22% of new cars to be zero-emission by 2024, may be challenging given the existing concerns about EVs. An industry trade body has raised concerns that this target may not be met.

Second-hand EV market shows promise

Another encouraging trend highlighted by the research is the growing interest in the second-hand EV market. A significant 75% of current EV owners said they would consider purchasing a used EV, reflecting positively on the resale market for these vehicles. 

This is a promising sign for the growing demand for EVs as it suggests a broader range of options becoming available at various price points.

However, some drivers remain hesitant, with 31% of those who aren't considering a second-hand EV expressing concerns about the residual value of these vehicles. Nonetheless, the rising number of drivers open to the used market signals an opportunity for those seeking a more affordable way to switch to electric.

“It’s clear that the UK is divided in its opinion on electric vehicles as the overall market continues to evolve, but its longer-term future remains promising," comments Christian Gorton, Marketing Director at CA Auto Finance. 

“Our research shows that younger drivers are particularly eager to switch to EVs and, with list prices on new electric vehicles continuing to decrease, there is potential for organic growth."

He continues: "However, to retain existing EV drivers and encourage others to make the switch, we require a clear plan from the government on how they will support the industry to meet its ambitious targets, as well as industry-driven solutions that make EV adoption more convenient.

“While there is ongoing uncertainty surrounding residual values, we're seeing positive changes in the industry and expect this to stabilise over time. Demand for older EVs is already increasing as consumer recognise that a three to five-year-old electric vehicle still retains nearly all of its original range and performance.

"The significant depreciation observed in recent months has created real bargains in the used EV market, gradually shifting consumer interest towards pre-owned EVs.”

The future of EVs and sustainable mobility

A key motivator for current EV drivers is the desire to reduce their carbon footprint, with 45% of drivers saying this was the primary reason for choosing electric. This underlines a growing social consciousness among UK drivers, many of whom are prioritising sustainability in their vehicle choices.

However, 42% of EV drivers reported needing to plan their journeys more carefully since making the switch from petrol or diesel cars, underscoring the need for better charging infrastructure and more accessible charging points.

CA Auto Finance, through its subsidiary Drivalia UK, is playing a crucial role in promoting sustainable mobility by offering flexible leasing and mobility plans. 

Drivalia currently operates over 30 Mobility Stores across the UK in key transport hubs, including airports and train stations. Its goal is to lead the transition to EVs and it aims to have 80% of its new vehicle portfolio be electric by 2030.

The company also plans to expand rapidly, with the number of Mobility Stores set to double by the end of the year, alongside the installation of more than 100 electric charging stations. It's also targeting an increase in fleet size from 4,500 vehicles to more than 7,000 by the end of the year. 

Over the next three years, it aims to have more than half of its European fleet composed of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs).

With these initiatives and the growing interest in both new and second-hand EVs, the UK appears to be on the path toward a more sustainable future in transport. 

However, the success of this shift will depend heavily on addressing current concerns around battery life, charging infrastructure and government support.

Looking forward, experts predict EV sales could rise at least sixfold by 2030, potentially capturing between 62% and 86% of the market, with some estimates suggesting EVs may account for two-thirds of global car sales by that time.

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