Britain is expected to reach "peak petrol" in 2024, which signifies a significant shift towards electric vehicles (EVs).
The number of gasoline-powered cars on British roads is projected to decline from 18.7 million in 2024 to 11.1 million by 2034. This trend reflects the increasing popularity of EVs among consumers due to improved affordability and changing market dynamics.
The share of EVs in the new car market is predicted to rise from 18% this year to 23% by 2025, although this falls short of the government's target of 28% under the Zero Emissions Vehicle (ZEV) mandate.
The U.K. government has set regulations requiring manufacturers to ensure that at least 22% of new cars sold are zero-emission vehicles, with the target increasing to 28% next year. The government aims to achieve 80% zero-emission vehicles by 2030 and a complete phase-out of internal combustion engine vehicles by 2035.
However, there are concerns that these targets may put excessive pressure on the automotive industry, potentially impacting business viability and employment. A coalition of NGOs, think tanks, and campaign groups has urged the government to uphold the ZEV mandate, arguing that it is an effective measure for carbon reduction.
The government plans to initiate a consultation to explore ways to assist the industry in meeting its commitments, including investments in domestic manufacturing and promoting EV adoption. The shift towards electric mobility in Britain is not just a passing trend but a fundamental change in transportation. It will have implications for various sectors of the economy, including manufacturing, energy consumption, and environmental policy.
As the government navigates the challenges of the ZEV mandate and industry pressures, the focus will be on fostering innovation and ensuring a sustainable and economically viable transition to electric vehicles.