In January 2024, the millionth electric vehicle joined the roads in the UK with 21% more electric vehicles being registered that month compared to the same time in 2023.
This growth can be attributed at least in part to the manufacturers commitments to driving electrification, offering consumers a greater range in battery choices. According to SMMT, the choice of battery electric car models has quadrupled in the past five years. Additionally, the positive growth can also be credited to the continued improvement for battery range. The average distance an electric car can travel on a single charge is now 236 miles, with some able to travel further than 350 miles on a single charge while 99% of car journeys in England are under 100 miles.
Whilst the positive trends within the EV market predict a strong outlook for electrification within the industry, the retail demand remains low. ‘Charge Anxiety’ can often be a barrier to EV ownership which involves ‘feelings of uncertainty or negativity around accessing or using a charge point’.
Stephen Green, Responsible Banking Director, said “At the end of April 2024, there were 61,232 public electric vehicle charging points around the UK, across 32,697 charging locations. This represents a 45% increase in the total number of charging devices since April 2023. The UK Government wants 300,000 public chargers in place by 2030 and are working on ways to make paying for charging more straightforward for consumers. This is positive news for the EV market, and the ongoing drive towards electrification.”