3:03 pm, June 27, 2023
More than half of potential car buyers in the UK are considering getting an EV, a new study has found.
The latest Mobility Consumer Index from EY (Ernst & Young) – one of the Big Four accounting firms – quizzed 15,000 people across 20 nations who were thinking about buying a car.
Of the respondents, 1,003 were from the UK, and EY found that 54 per cent of potential buyers in the UK were looking at an electric vehicle.
That was up five percentage points from 49 per cent last year and, said EY, significantly higher than the 41 per cent of potential buyers who were considering an internal combustion engine (ICE) vehicle.
The year-on-year growth in preference toward EVs also outpaces the increase in overall car-buying intent, which the index found had grown from 44 per cent to 45 per cent.
High fuel prices, rising concerns about the environment, plus penalties on ICE vehicles were the key motivators for potential EV buyers.
The 41 per cent of UK respondents showing an intention to buy an ICE vehicle was down from 42 per cent in 2022 and 2021’s figure of 50 per cent.
David Borland, EY’s UK & Ireland automotive leader, said: ‘The UK auto industry continues to demonstrate resilience to the many headwinds it has faced in recent years, including the pandemic, the war in Ukraine, supply chain disruption, volatile energy prices and cost-of-living challenges.
‘Demand continues to display strong recovery, with May 2023 being the 10th consecutive month of growth for passenger car sales.
‘This was backed up by the survey findings, with an increase in the number of consumers preferring a personal car versus car sharing, which is a trend from the pandemic that continues to stick.’
Other EV-related findings included:
- 37 per cent of those expressing concerns about EVs said they were deterred by a lack of charging stations
- 36 per cent deemed cost a key concern
- 27 per cent cited limited EV range
- 26 per cent highlighted expensive charging/running costs
Maria Bengtsson, electric vehicle lead at EY UK, said: ‘EV buying intent continues to increase in the UK, as consumers place a greater focus on sustainability and attitudes towards EVs improve.
‘However, charging evidently remains a significant concern for potential EV buyers, both in relation to availability and cost.’
The index also discovered that dealerships are still seen as a highly important part of the vehicle-buying process.
Sixty-five per cent of UK respondents said they were most likely to buy their next new car via a dealership or showroom – up from 62 per cent in 2022.
Meanwhile, 50 per cent said they’d be most likely to buy their next used car from a dealership or showroom, which was up from 41 per cent last year.
However, the digital customer experience is showing signs of strength, with 29 per cent of UK respondents saying they’d be willing to buy a car from an online source.
But only 23 per cent of UK respondents preferred to visit mobile pop-up stores/digitally advanced showrooms as part of the process.
The UK’s preference for hatchbacks at 40 per cent was higher than any other country surveyed in 2023.
Meanwhile, 32 per cent of UK respondents indicated an intention to buy an SUV, with 15 per cent leaning towards getting a saloon.
The dominance of hatchbacks is even more pronounced in the UK’s used car market, with 47 per cent of those intending to buy a used car leaning towards a hatchback, the index found.
