New Automotive report predicts surge in growth for EV sales in 2024, in large part driven by recently-introduced Zero Emissions Vehicle Mandate
The number of electric cars on UK roads is set to increase by almost a quarter this year, thanks in large part to recently-adopted manufacturing quotas that are projected to help take the battery car fleet to 1.24 million vehicles by the end of 2024, fresh research suggests.
Following the introduction of the Zero Emissions Vehicle (ZEV) Mandate at the start of this year, carmakers are now required to sell a steadily rising number of electric vehicles (EVs) annually from 2024, in a move aimed at further accelerating the UK market for battery cars.
As a result, New AutoMotive is projecting a significant growth in sales this year, as car manufacturers seek to boost EV sales in order to avoid potential fines. The new targets should also help drive down the price of mass market battery cars by as much as £10,000 on average, the non-profit predicted.
Research published yesterday by the organisation revealed how if every car manufacturer hits its individual EV sales target under the ZEV Mandate, it would result in a 24 per cent increase in the number of battery cars on UK roads this year, to reach almost 1.24 million overall.
The study also highlights other factors likely to help accelerate EV sales growth this year, such as the widening gap between EV charging costs and the price paid by motorists at petrol pumps, with battery car charging prices now between 30 to 80 per cent cheaper per mile for drivers.
EVs charged on a standard home energy tariff were around 30 per cent cheaper per mile compared to running a diesel vehicle and 36 per cent cheaper than fuelling a petrol vehicle, it said. The savings rise to 80 per cent if users have a tariff especially designed for EV drivers.
The report also predicts the number of public EV chargers is expected to continue increasing across the UK this year, further expanding the availability of places to power up battery vehicles, which could in turn encourage more drivers to switch to electric models.
It projects as many as 70,000 public EV chargers could be in operation across the UK by the start of January 2025, and that if this growth rate is continued around 300,000 could be available to battery car drivers by mid-2029.
Ben Nelmes, CEO of New AutoMotive, said rapidly rising EV sales and chargepoint installations showed it was now clear the UK is "in the midst of the EV revolution".
However, he called for more policy support to help accelerate uptake of battery vehicles, including lower VAT on power from public chargepoints, the introduction of an online calculator to help consumers compare current real-world costs of running their petrol or diesel vehicles to EV running costs, and to shift energy policy costs from electricity bills to gas bills to make home EV charging more affordable.
"Reports of the demise of EVs are wildly overstated," he said. "We still have hurdles to overcome - EV misinformation is rife, and it's now up to government and industry to dispel common EV myths and highlight the cost benefits of going electric with comparison tools.
"The price of public EV charging needs to come down to match home tariffs, and through simple policy changes we can make charging more affordable for all - not just those with off-street parking.
"Despite these setbacks, the direction of travel has been set. The UK should be proud of its world-leading EV policy, and if the recommendations outlined in our report are implemented, I'm confident we'll see even more good news for the country's EV transition."
It follows research last week by Transport & Environment which highlighted misperceptions among the public about the benefits and costs of driving an EV, as it called for stronger government-led investment in a public communications campaign for battery vehicles.
In related news, fresh data released today by Zapmap and the RAC shows there are now almost 3,000 public EV chargeponts in place at supermarkets across the UK, meaning battery car drivers can power up at more than one in 10 stores.
It comes after supermarkets added EV chargers at over 600 locations last year, marking a 59 per cent rise in the number added in 2022, according to the analysis.
Tesco is the supermarket chain with the largest EV charging network, boasting over 1,300 chargers at almost 4,900 of its stores, while Sainsbury's last year saw the biggest annual growth in charger numbers and has the highest number of rapid chargers per location, the data shows.
"As the supermarkets currently dominate UK fuel sales, it makes sense for them to try to retain as much of that market as they can by catering to the needs of all EV drivers looking to recharge as quickly as possible," said RAC EV spokesperson Simon Williams.
"It's also great to see them bringing rapid charging to more urban areas, as this complements the obvious and much-needed focus on motorway service areas."
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