Motor Trade Commercial Insurance – Fourth Quarter 2021

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Even as the UK attempts to return to normal life at what may be the closing stages of the coronavirus pandemic, the long-term effects of COVID-19 will continue to linger across the motor trade industry. As car dealerships and other employers in the sector continue to navigate uncertainty, it’s imperative to understand current trends

One particular pattern that has accelerated during the pandemic is the popularity of electric and hybrid cars. In the past few years, Aviva has tracked consumers’ opinions and desires regarding electric and hybrid vehicles. Notable results from three different studies in 2017, 2020 and 2021 show the following:

  • The rate of drivers planning to select a fully electric car as their next vehicle rose from 2 per cent in 2017 to 11 per cent in 2020 and then 14 per cent in 2021.
  • The rate of drivers planning for a hybrid model as their next car rose from 10 per cent in 2017 to 27 per cent in 2020 and then 32 per cent in 2021.

Together, these statistics show that nearly half of all motorists in the UK want their next vehicle to be at least partially electric. Figures provided by the Society of Motor Manufacturers show that registrations of fully electric vehicles are up 107 per cent. Moreover, the electric vehicle market share is up 71 per cent compared to this time last year.

According to Aviva’s research, approximately one-third of those planning to purchase a hybrid or fully electric car as their next vehicle said that the pandemic played an impact on their decision. Furthermore, 6 per cent said that due to their household no longer needing as many vehicles, they are deciding to purchase a ‘greener’ model. Forty-one per cent of respondents said that they feel electric and hybrid models will be better for the environment.

For more information on motor trade industry trends, contact us today.

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