An increasing awareness of the environment is impacting upon car buyers’ purchasing decisions, with a growing number of people considering alternatively-fuelled vehicles.
A survey conducted by BNP Paribas Personal Finance found that 49% of consumers are considering a hybrid vehicle for their next vehicle, and 33% are exploring the possibility of owning an electric vehicle.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The percentage of people planning to invest in a hybrid vehicle was higher in large cities (55%) when compared to smaller towns and rural areas (42%).
This could, the report suggests, in part be accredited to the introduction of travel constraints such as the low emissions zones being introduced in cities such as Birmingham and Leeds.
Diesel vehicles, which are already experiencing a reduced market share, are set to continue to fall in popularity. According to the study, just under a third of motorists intend to invest in this type of car.
Transportation currently accounts for around a third of the UK’s total emissions according to recent government figures, and despite a push from manufacturers to develop cleaner, more environmentally-friendly vehicles, the motor industry is continuing to struggle to shake off negative public perceptions.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAccording to the survey, 69% of the UK population believes cars are the main cause of pollution globally, ahead of other pollutants such as aviation and manufacturing, with those in the 18-34 category most likely to agree with the statement.
Andrew Brameld, managing director of motor finance at BNP Paribas Personal Finance in the UK, said: “It is evident from this research that hybrid and electric vehicles are going to become increasingly important when it comes to the health of the new car market.
“Even though there is still a divide in opinions between older and younger generations and rural and urban drivers, this research has revealed that there is a growing concern amongst all groups about the environmental impact of their purchasing decisions.
“It will be interesting to see how lower fuel prices as a result of the coronavirus crisis will affect purchasing habits. It also remains to be seen whether people will revert back to buying petrol and diesel alternatives in the short term, while those cost savings are place.
“But this report shows that as a developing trend the public is very much on board with government efforts to encourage the sales of environmentally-friendly vehicles and we only expect to see this develop further in coming years.”
