Rising fuel costs could prompt over two in five non-EV car owners to consider switching to electric vehicles (EVs), according to research by Cazoo & Motors.
The latest Consumer Insight Panel, which polled the views of 2,008 car buying decision makers, found 44% of non-EV owners will seriously consider electric alternatives if fuel prices hit or exceed £2.00 per litre.
The research identified £1.99 per litre as the tipping point for diesel, petrol and hybrid owners to consider changing to electric. Although 29% of the total sample said rising fuel prices will not influence them to switch to electric.
Pump prices in the UK have risen in recent weeks due to the war in the Middle East, with petrol averaging at over 157p per litre and diesel 190p.1
Lucy Tugby, Marketing Director of MOTORS & Cazoo, said: “Our research shows just how sensitive petrol, diesel and hybrid car owners are to rising fuel costs and how many will start to view electric as a viable alternative if average pump prices breach £2.00 per litre.
“For dealers this reinforces the importance of factoring in affordability concerns in their conversations with customers and taking the time to understand their typical usage.”
The research also found 54% of non-EV owners would be more likely to switch to electric if fuel prices increase significantly over the next 12 months.
Those most likely to switch are men (58%), under 45s (64%) and those from households earning over £60,000 (67%).