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More than half of buyers looking at hybrid or electric vehicles as next purchase – survey

  • EV ownership expected to reach almost one in five in next purchase cycle
  • Petrol and diesel car ownership predicted to fall to 46%, says Heycar
  • Within four years, hybrids could surpass petrol and EVs could surpass diesel

Time 9:05 am, June 15, 2024

More than half of car owners expect to buy an EV or hybrid vehicle next.

That’s according to new research from Heycar, which found that of 2,002 adults quizzed about their car-buying habits, it was predicted that the ratio will rise from the current 17% with EVs and hybrids to 54% within the next purchase cycle.

Its survey, which focused on people who bought their previous vehicle from a dealer or car supermarket, found that hybrid ownership is expected to go up from 12% to 35%, while EV ownership is anticipated to jump from 5% to 19%.

Heycar said the surge in demand for EVs and hybrids is expected to coincide with a decline in petrol and diesel car ownership.

Eighty-four per cent of the buyers currently have a petrol or diesel car but that’s expected to fall to 46% for their next one.

Diesel ownership is forecast to nearly halve from 23% to 12%, while petrol ownership – the largest current group – is predicted to fall from 61% to 35%.

Heycar predicts that if these stated future intentions hold, the next ownership cycle will see hybrids leading petrol cars by 0.6% and EVs surpassing diesels by 6.8% within four years.

Chief marketing officer Dermot Kelleher said: ‘According to the Heycar survey, men are 8% more likely to purchase an EV in the future than are women, with those under 44 years old 6% more likely than those aged 45 to go electric next time around.

‘Unsurprisingly, household income also plays a crucial role in the decision to opt for electric vehicles, with stated future adoption increasing significantly in households whose combined income exceeds £80,000 per year, no doubt as they are better positioned to absorb the initial higher costs associated with EV purchases.’

This story was originally published at 9.05am on June 15, 2024 and updated at 2.37pm on June 17 with an amended percentage figure for the predicted combined petrol and diesel car ownership, as provided by Heycar

John Bowman's avatar

John has been with Car Dealer since 2013 after spending 25 years in the newspaper industry as a reporter then a sub-editor/assistant chief sub-editor on regional and national titles. John is chief sub-editor in the editorial department, working on Car Dealer, as well as handling social media.

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