The Predicted Growth of EVs In 2024 and Beyond
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Whether you’re prepared for it or not, the electric vehicle market is growing and here to stay. While the 2030 ban on the sale of new ICE vehicles has been pushed back to 2035, we can still expect seismic changes before then. By 2030, there will be over 144 million electric vehicles on the world’s roads, and many global car manufacturers will be selling electric vehicles exclusively.
But we don’t even have to wait for 2030 to see changes, big things are already happening right now! Here are some of the different ways that the EV market has changed in recent years:
- Over the past 12 months, electric car finance demand has increased by 200%, with electric vehicles making up 10% of all sales.
- Since 21st April 2023, there has been a 35% increase in charging points across the UK. There are now 32,663 charging points in 19,960 different locations. It’s also important to note that these charging points don’t include the many charging points that are already positioned at people’s homes or workplaces up and down the country.
- We are seeing a year-on-year decrease in new registrations for petrol and diesel vehicles – -15.7% and -48.1% respectively. This comes alongside a huge spike in hybrid vehicle sales, a 64.7% spike to be exact! This shows just how aware consumers are of the 2035 ban and what they are willing to do about it.
- On average, it’s 225% more expensive to fill up a fuel-powered vehicle than an electric one. This demonstrates just how much ICE vehicles are declining in both popularity and viability.
- Some manufacturers have already pledged to sell only electric vehicles by or before 2030, they are: Jaguar, Lotus, Volvo and Ford.
What is the UK doing to stay on pace for the 2035 ban?
Despite having to push back the 2035 ban on ICE vehicles, the UK government is still looking to do all it can to facilitate the growth of the EV market on home soil. Government initiatives include financial incentives such as grants for purchasing EVs, reduced taxes and further investment in charging infrastructure. Strategic plans also focus on expanding the charging network, ensuring widespread accessibility and reducing concerns about range anxiety.
EV Market outlook: 2024 and beyond
The EV market is poised for significant growth in 2024 and beyond, as technological advancements and supportive policies continue to drive awareness and adoption. However, it’s worth noting that this growth might not be quite as fast as initially expected, as EV sales increased by 17.8% in 2023, a figure that’s not quite as impressive as what was projected.
Still, in 2024, EVs will comfortably outsell every type of fuel apart from petrol, which will still be the go-to for those in the market for a second-hand car for the coming years. Plus, a variety of car manufacturers from Nissan to Ford have been bolstering their lineups to include more hybrid and plug-in options, so there’s plenty of choice for those in the market for an EV this year.
Is now a good time to buy an EV?
This is a difficult question to answer given the myriad factors, but here’s the consensus of the 1st Call Windscreens team: if you can afford an EV and you have the capability of charging at home, then making the switch to an EV could be an excellent decision. However, if you don’t meet those criteria, then you might want to hold off for a bit and look at the used-car market for a petrol vehicle.
It’s worth keeping in mind that, due to the lack of parts available, repairing EVs can be a difficult and expensive job, which can have a knock-on effect on insurance rates. If you’re still anxious about things like range, charging cost and infrastructure, and repairs, then you can always wait a few years and see how things have improved – because one thing’s for sure, they will have improved a great deal!
1st Call Windscreens are one of the leading windscreen replacement companies in Kent, for more information about our services, or to book a repair or replacement today, all you have to do is get in touch.
1st Call Windscreens
We are proud to be a leading windscreen company covering our local areas of Maidstone, Sittingbourne and the rest of Kent since 1996. Our 25+ years experience in windscreen services includes windscreen repair and replacement for cars, vans, trucks and more! Our expert technicians hold the relevant qualifications so you can rest easy knowing that your windscreen is in safe hands.
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