Almost a quarter of Brits see themselves in an EV within five years

Almost a quarter of Brits (23%) see themselves driving an electric vehicle within five years, according to new data from Volkswagen Financial Services UK (VWFS).

The data reveals that people under the age of 45 more likely to be driving electric vehicles within five years (32%) compared to people over the age of 45 (18%).

Specifically, people aged between 25 and 34 are most likely to be driving an electric vehicle by 2026 (35%), with people aged between 18 and 24 the second most likely age group (34%).

The VWFS research also found that male drivers are more likely than females to invest in an electric vehicle by 2026, with 28% of men responding that they were likely to do so, compared to 19% of women.

Regionally, people living in the South East say they are most likely to be driving an electric vehicle within five years (28%), followed by people in the Midlands (24%). In the North of England, 18% of respondents said they’re likely to be driving an electric vehicle within five years – the lowest percentage of any region.

Interestingly, 35% of people who plan to replace their vehicle in the next 12 months see themselves driving an electric vehicle by 2026, compared to 29% of people who plan to replace their car or van in over a year’s time.

Environmental factors and financial savings are the key motivations when deciding to invest in electric vehicles. The VWFS data insights team found that the main motivation for people wanting to drive an electric vehicle is the environmental benefits, with more than a third of respondents (34%) selecting this option.

The second most influential factor was cheaper fuel (28%), followed by tax incentives (12%), higher resale value (3%) and electric vehicles being fashionable (3%).

Despite environmental benefits being the number one motivator, over 40% of respondents chose a financial factor as their main motivator.

Respondents aged under 45 were most likely to choose environment benefits as their biggest motivator, with 43% of this age group selecting this option.

VWFS research can also reveal that one in five (20%) people plan to invest in an electric car charging point at home within the next five years.

However, homeowners younger than 45 are more than twice as likely to invest in such a feature (30%) than homeowners aged over 45 (13%).