Further research into these figures by Cornwall Insight shows that at the current pace of BEV registrations the UK is set to surpass National Grid’s Consumer Evolution projections, highlighted in the graph below.
“Over the year to date, we have seen BEV registrations rise 93 percent, poised to overtake total plug-in-hybrids (PHEVs)” said Jacob Briggs, Senior Consulting Analyst at Cornwall Insight. “At this pace BEVs are set to surpass National Grid’s Consumer Evolution projections; however, there remains significant room for expansion to the Two Degrees scenario level. This is an interesting time for BEVs, particularly against the backdrop of a continuing decline in overall new car registration”.
Mr Briggs added that numerous factors are contributing to the rise of BEVs, with some of the availability constraints alleviating as new models come to market and that these bring with them an improved vehicle range making them much more of an attractive proposition. Additionally, the removal of Benefit-in-Kind tax from electric company cars provides a strong positive signal in the commercial uptake of BEVs.
It is still early days for the electric vehicle (EV) sector against the overall vehicle market, but the increasing EV demand represents significant support to the UK’s decarbonisation ambitions. This also provides a positive signal for other parts of the industry, from charge point operators and energy suppliers through to investors and asset providers.