1. EV Market Gains Momentum with Urbanization, Technological Advancements, Green Imperatives, and Supportive Government Policies.
The UK is a fast-growing economy with 5% urbanization in 2022. Over 57 million people live in cities, with a literacy rate of 99.0%, making them aware of trends and social responsibilities. The high EV adoption rate of 22.9% in 2022 is the main market driver, as the population embraces environmentally-friendly concepts.
UK government promotes EV adoption and charging infrastructure development, aiming for smart EV charging as the norm by 2025, no new petrol/diesel vehicles by 2030, and zero emissions by 2035. Technological advancements like fast charging, wireless charging, and solar-powered charging have improved the EV charging experience.
Rising gasoline prices have led to a shift towards EVs, particularly in London where diesel prices averaged £179.3ppl and petrol prices averaged £155.0ppl in 2022, releasing harmful emissions. EVs are viewed as a solution to climate-related challenges due to zero greenhouse emissions, and increasing climate awareness is driving market growth.
2. UK Government’s Strong Support for Electric Vehicles to Reduce Harmful Emissions.
The UK provides a Plug-In grant for electric vehicles costing less than £35,000 and emitting less than 50g/km of CO2, applicable for motorcycles, taxis, vans, trucks, and mopeds. Scotland and Northern Ireland offer a no-interest loan up to £35,000 for a new electric vehicle or van and £20,000 for a used one. The Office for Zero Emission Vehicles within the UK government supports the ZEV market, providing car owners with benefits like free parking and using bus lanes.
Post time: Jan-27-2024
