If you’ve been discussing how you can ensure your fleet is fit for the future or even started looking at ways in which your business can enhance its employee benefits, it is more than likely that adopting electric vehicles are already being discussed as part of one solution or another. As we continue our journey towards an electric future, we take a look at the current landscape and what we can expect for electric vehicles (EVs).
The EV market is growing
Although, there is still a lot more work to do if the government is to reach those 2030/2035 target, last year saw record sales for EVs, which increased by 40% in 2022 and meant more than one in 10 new vehicles were electric. A trend that has continued into 2023 with 16.9% of all new registrations being electric vehicles in May. Latest figures show there are now more than 1,280,000 plug-in cars registered in the UK, which include over 780,000 BEVs and 500,000 PHEVs. Admittedly, the figures show that fleets are mainly responsible for the growth in EV uptake and it can be assumed that this can be attributed to the incentives that have been provided in this area.
With vehicle manufacturers focused on building their EV product portfolio, we have seen a steady stream of new vehicles enter the market or due to be launched; showing huge progress made in such a short space of time. It was only five years ago there were around 20 electric cars available in the market; by the end of 2023, there will be up to 120, according to the Society of Motor Manufacturers and Traders.
There is an increasing variety of new EVs available to suit different tastes, lifestyles and budgets. This will only continue to develop, especially as Chinese vehicle manufacturers gain market share globally. It is hoped their influence will help drive EV prices down across Europe, making them even more accessible.
Availability is increasing
Vehicle availability and lead times dominated our industry’s news agenda in 2022 and into 2023. However, we’re starting to see movement in the market with lead times currently standing at an average of 21 weeks; down by 20% (from 24 weeks) since the same time in February and a staggering 42% (35 weeks) from the peak in October 2022.
If lead times is the main reason putting you or your drivers off choosing an electric vehicle, do not worry, our expert team can run through what vehicles are available and the current lead times. And if there is some flexibility on certain specifications or colour preferences for example, then we may be able to get the vehicle to you sooner.
New technology continues
The automotive industry never stands still and is constantly innovating new technology. The race for vehicle manufacturers to launch and build their EV product portfolios has led to some truly remarkable advancements in vehicle technology over recent years.
Manufacturers are already looking at the next generation of electric vehicles that address some drivers’ concerns when considering an EV. Nyobolt, for example, recently announced it has developed an electric vehicle capable of being charged in under six minutes with the existing charging infrastructure. The UK-based battery company’s vision is to match today’s convenience of refuelling at the pumps.
As the technology into batteries continues to advance, so will the range. We are already seeing announcements of once unheard-of mileage range being developed. Toyota revealed it is working on plans to include batteries with 900+ miles of range. It is a competitive market and manufacturers are all looking to bring out the next evolution in EV technology. This means choice, range and charging times are going to continue improving.
If you’re considering moving your fleet to electric and have questions, view our Electric Cars for your Fleet brochure for more information.