The electric vehicles market is at a tipping point in the UK that will soon see it begin the last climb towards total dominance of the market by 2040.
This might seem like a bold claim for a type of vehicle that currently only makes up 3% of all new cars sold in Britain, but there’s a reason we can be fairly sure of this prediction: In 2035 only electric cars will be available in UK showrooms. This bold step by the UK government follows similar moves in other European countries to ban the sale of petrol and diesel cars around the same sort of time frame, and will totally revolutionise Britain’s transport infrastructure. So what will this electric future look like, and how can we anticipate it? Let’s take a look.
Irresistible growth for Electric Vehicles (EV)
Electric cars have already undergone a mini-revolution, tripling the number on British roads from 1% of all new cars in 2015 to 3% last year. This growth can be placed firmly on the back of moves by car companies to make electric cars sexy and to grab their own slice of the marketplace, from Tesla at the premium end of the market to family cars by Nissan and Honda. However, the cars themselves are only part of the story: the real challenge has been turning electric vehicles from city runabouts to serious commuter and family cars. Leaps in battery technology allowing for 225 miles run on a single charge are part of it, but so is the infrastructure behind charging, which needs to be as ubiquitous as petrol stations in every part of the UK.
Here, according to research by Accenture, is where the real money is to be made, and why the market has leapt into action in the last few years. With 11 million EVs predicted to be on the roads by 2030, there is as much as 150 billion pounds to be made supplying all of that infrastructure, and plenty of companies vying with each other to get ahead in the market.
With the battery, vehicle and charging infrastructure finally aligning with each other in the last few years, the stage is well and truly set for the big push for growth that will be required to meet the 2035 target.
While the all-electric future is coming, and with EV’s share of the market predicted to hit 96% in 2040, there still some hurdles to watch: Improvements in battery life and charging time will need to keep coming in order to win over sceptics, the UK charging infrastructure will have to keep accelerating its growth rate, and solutions for home charging in the 35% of households with no off-street parking will need to be found.
However, one significant issue is close to being overcome, with KPMG forecasting that petrol and EV cars will be at an equivalent price by 2025. These problems and more are where the real action is happening, and all the latest news will be displayed and discussed on this blog.
So if you own an EV, are interested in owning one, or just want to keep an eye on the future – we’re your new home.