The Electric Vehicle Market On the Rise

Electric Vehicle

While 2020 was a year to forget for the motor industry, there was one positive, the electric vehicle market. It seems that more and more motorists are starting to make the switch with a staggering 184% increase in pure-electric registrations in September 2020 compared to the year before, taking the total on the roads to 164,100.

Reasons for EV Popularity

The rise in electric car sales can be attributed to a number of different factors and it is expected that figures will only increase over time. People are becoming increasingly eco-conscious with so much media attention on environmental damage, plus there are many financial benefits to making the switch so it certainly makes sense for motorists to make the change now. Additionally, the ban on the sale of petrol and diesel has been brought forward to 2030, with many new bans and fines being introduced in major cities around the UK.

Improving Infrastructure

Another reason why electric car sales have risen sharply in the last year is the rapidly improving infrastructure. Where previously range anxiety was an issue, there are more EV charging points than there are petrol stations with 12,400 charging locations and 19,700 charging devices in October 2020. When this is combined with the fact that the battery technology has also improved, it means that motorists do not have to worry about range when it comes to driving an EV.

Greater Choice

The fact that there are so many different models now available is another reason why EV sales are on the rise as it means that every type of motorist has choice. In 2020, models including the Tesla Model 3, the Jaguar I-Pace, Renault Zoe, Audi E-Tron and BMW 330 e were all amongst the top-selling vehicles and there are many highly anticipated vehicles scheduled for release this year. Other types of vehicles are now becoming electrified too, such as community and school minibuses, coaches and electric motorbikes, so every type of motorist can benefit from making the switch.

Grants

One of the main benefits that motorists can receive is a grant for 75% of the cost to install a charging point at their home. Many people are worried about the upfront cost of an electric car, but savings like this can make it much more affordable and enable you to start enjoying the financial and other perks straight away.

It is clear that the electric car revolution is gathering pace and many motorists made the switch in 2020 despite the pandemic. This is for good reason as an electric car can help you to reduce your environmental impact, you can make big savings over the long-term, the infrastructure is improving and there are now many different models in every class of vehicle to consider.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.