Lack of incentives causing young drivers appetite for EVs to decline

August 1, 2022 EV Powered

The younger generation in the UK are becoming increasingly disinterested in electric vehicles, a recent CarGurus study has found.

Although those aged between 30-44-year-old were found to be more open to purchasing an electric car, with a 7% increase (65% to 72%) compared to 12 months ago, it is a different story for those aged between 18-29-year olds.

Despite petrol prices reaching record highs and the sale of new petrol and diesel cars banned from 2030, UK motorists’ appetite for EVs has decreased when comparing interest in 2021 versus 2022. Notably, potential ownership in the next five (44% vs 40%) and ten years (66% vs 59%) both declined.

CarGurus research found the decrease in interest has come largely from the younger generation, with 18-29-year olds’ likelihood of EV adoption in the next ten years dropping from 74% to 56% (18% decrease).

The drop in possible future EV ownership aligns to the decline in excitement about EVs among Gen Z, decreasing by 26% from 2021 to 2022.

The research also detailed the most important factors that would convince drivers to go electric.

Topping the list of incentives were more availability of charging stations (49%), technology improvements with reference to battery range and charge time (47%), and cost parity with ICE-vehicles (43%).

Tax incentives and rebates (33%) were also noted to be one of the most effective measures of convincing people to make the switch. This comes following the Government announcement earlier this year that it was closing the plug-in grant scheme to new orders.

Alexandra Howerter, Senior Customer Insights Analyst at CarGurus, said: “Our research shows that we are still noting the same concerns around EVs that we have been hearing since they first started to emerge on the UK market, whether that be the availability of charge stations, or charging capacity improvements.

“Any future improvements to the electric vehicle infrastructure will seemingly have a positive impact on potential EV take up.”