Has the UK Reached 'Peak Petrol'?
Sep 02 2020 Read 385 Times
With new data suggesting more than half of Brits are considering switching to electric cars, some analysts are warning the UK may have already reached ‘peak petrol’ consumption. As motorists shift towards EVs sale of combustion engine vehicles are expected to drop, triggering a slump in demand for petrol and diesel. Conducted by Deloitte, the study predicts that by the end of the decade more than 42% of cars sold in Europe will be electric. This is driven by a shift in consumer sentiment, with polling suggesting that more than 50% of British motorists are considering purchasing an electric vehicle in the future.
“The outbreak of Covid-19 means we have likely seen petrol and diesel vehicles reach their sales peak, albeit relatively unnoticed,” says Jamie Hamilton, head of electric vehicles at Deloitte. “With total annual car sales unlikely to return to pre-pandemic levels until 2024, even if sales growth in the petrol and diesel market returns it is likely to experience a decline in market share thereafter.”
EV sales set to hit 30 million by end of decade
Alongside the UK, France, Germany, Scandinavia and the Netherlands will also spearhead the EV trend. This is largely thanks to the capacity to offer government-funded financial incentives to motorists purchasing electric cars. The developed countries can also afford to invest in expensive charging infrastructure. By the end of the year Deloitte predicts worldwide sales of electric cars will hit 2.5 million. By 2025 the figure will rise to 11.2 million and by the end of the decade EV sales will hit more than 30 million.
Petrol and diesel ban will fuel demand slump
With a ban on all new sales of petrol and diesel cars set to come into effect in 2035, petrol consumption will inevitably slump. By 2050 the British government has also pledged to meet “net zero” greenhouse gas emissions. A separate analysis conducted by management consulting company McKinsey revealed the UK is currently the 12th largest purchase of 100% electric cars, with around 31,000 sold this year. This represents an increase of 300% on last year’s figures.
While petrol cars will eventually be phased out, until then fuel producers will continue to develop performance-enhancing products. To find out more about the latest innovations regarding C₈H₁₈, don’t miss ‘I hear you knocking: Automotive Knock and the Octane Number’ with insight from Dr. Raj Shah on behalf of Koehler Instrument Company.
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