The number of petrol cars in the UK is set to decline from the current 18.7m to 11.1m by 2034, says Auto Trader.
As consumers move towards EVs as a result of increased affordability and price parity with ICE, petrol will decline.
Ian Plummer, commercial director, said: “Peak petrol is a genuine landmark for the UK. We expect to see a seismic shift in British motoring over the next decade as the number of petrol cars falls by nearly half and EVs take a much bigger share.
“All this is happening against the backdrop of exceptionally strong used car demand despite a range of challenges for the industry, not least the introduction of ZEV targets, constrained supply, changing finance rules, and the Budget.
“We’re seeing record levels of engagement on our platform, rapid speed of sale, and the stabilising of retail prices. And with the more attractively priced and available stock in recent months helping to fuel new car interest, the overall retail market is entering 2025 on a strong footing.”
Over the same period, the number of EVs is set to rise from 1.25m to 13.7m and the overall stock of diesel engine vehicles declines from 10m to 4.3m, according to Auto Trader.
The increase would leave the 2025 new car market 14% below the 2.31m new car registrations recorded in prepandemic 2019. EV market share is set to rise from around 18% in 2024 to 23% next year which is below the 28% ZEV Mandate.
