Demand for electric vehicles falls as buyers return to internal combustion engine cars – report

Buyers around the world are returning to petrol and diesel cars as demand for electric vehicles (EVs) weakens, a new report says.

Research by service company Ernst & Young has shown that 50 percent of all car buyers plan to buy a new or used car with a combustion engine in the next two years – an increase of 13 percent in just one year.

In the Asia-Pacific region, this figure increased by 10 percent.

Meanwhile, global demand for electric vehicles is just 14 percent – a decline of 10 percent over the same period – with those looking for a hybrid car making up just 14 percent of all buyers, a decline of five percent.

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“Consumers are weighing the reality of policy changes, cost pressures and uneven charging infrastructure,” said Constantin Gall, head of E&Y’s Global Aerospace, Defense and Mobility team.

“The long-term trend appears to be a move away from an all-electric approach towards a more diversified future for vehicle powertrains, with different vehicle technologies serving different customer needs,” he said.

However, Mr. Gall said senior lawmakers around the world were also influencing the direction of markets due to evolving emissions targets and financial incentive programs.

“We are also seeing a more pragmatic, less ideological policy discussion. Policymakers are returning to a fact-based approach and allowing the market to do what it does best: finding the right solutions for different customers.”