Petrol and diesel vehicles are being written off and scrapped by insurers at double the rate of electric vehicles (EVs), according to the latest data study conducted by automotive data experts cap hpi.
This study was conducted in response to calls from sections of the automotive industry to analyse EV scrappage rates amid claims that EVs were being scrapped more frequently than petrol and diesel vehicles. The findings from cap hpi provide conclusive evidence refuting these claims.
Go deeper with GlobalData
The analysis compared two scenarios: pure electric vehicles versus internal combustion engine (ICE) vehicles, and electric and hybrid vehicles versus ICE vehicles. In the pure electric versus ICE category, the data revealed the following:
- For vehicles aged one year and under: 40 EVs (0.01%) out of 334,525 on the road were scrapped, compared with 701 ICE vehicles (0.03%) out of 2,026,146.
- For vehicles aged three years and under: 782 EVs (0.09%) out of 912,341 were scrapped, compared with 10,300 ICE vehicles (0.18%) out of 5,788,617.
- For vehicles aged five years and under: 1,433 EVs (0.13%) out of 1,130,581 were scrapped, compared with 33,700 ICE vehicles (0.33%) out of 10,278,745.
In the electric and hybrid versus ICE scenario:
- For vehicles aged one year and under, 203 EVs (0.02%) out of 960,902 were scrapped, compared with 544 ICE vehicles (0.04%) out of 1,406,637.
- For vehicles aged three years and under, 2,356 EVs (0.10%) out of 2,389,352 were scrapped, compared with 8,726 ICE vehicles (0.20%) out of 4,311,606.
- For vehicles aged five years and under, 4,635 EVs (0.15%) out of 3,057,881 were scrapped, compared with 30,528 ICE vehicles (0.37%) out of 8,351,445.
Jonathan Clay, cap hpi Identification Director, said: “It’s essential that the industry has an accurate picture of emerging trends as the EV market continues to develop. With repair costs for EVs running up to 29% higher than ICE vehicles, according to a Solera study, it’s important to understand the impact on scrappage rates.”
These findings highlight that despite higher repair costs, EVs are less likely to be scrapped compared to their petrol and diesel counterparts, indicating their growing durability and potential cost-effectiveness over time.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTransition to EV fleets is being done far too early: survey
Used BEV and ICE car prices show signs of parity in Q1 2024: INDICATA
