The UK is predicted to experience a peak in gasoline usage this year, marking a significant milestone for electric vehicles.

• According to a new report, it is predicted that Britain will reach "peak petrol" in 2024, and electric vehicles (EVs) are expected to take on a larger share of the country's car market.
• According to an analysis by Auto Trader, published on Wednesday, the number of gasoline-powered cars in Britain is expected to decrease by almost half over the next ten years as drivers increasingly choose EVs.
• According to Auto Trader's Commercial Director Ian Plummer, peak petrol is a significant milestone for the UK.

According to a new report, it is predicted that Britain will reach "peak petrol" in 2024, with electric vehicles (EVs) expected to take on a larger share of the country's car market.

According to an analysis by Auto Trader, published on Wednesday, the number of gasoline-powered cars in Britain is expected to decrease by almost half over the next ten years as drivers increasingly choose EVs.

In 2024, the online vehicle platform estimated that there were 18.7 million gasoline-powered cars on the country's roads. However, this number is expected to decrease to 11.1 million by 2034.

The number of electric vehicles (EVs) on Britain's roads is expected to increase to 13.7 million over the next decade, up from 1.25 million in 2024, as affordability improves.

The projected EV share of the new car market is expected to increase from approximately 18% this year to 23% in 2025, according to Auto Trader. However, this is still below the 28% target for sales under the U.K. government's Zero Emissions Vehicle (ZEV) mandate.

According to Auto Trader's Commercial Director Ian Plummer, peak petrol is a significant milestone for the UK.

The number of petrol cars in Britain is expected to decrease by nearly half over the next decade, with EVs taking a larger share, according to the speaker.

Despite numerous obstacles, including the introduction of ZEV targets, limited supply, altered finance regulations, and the Budget, the used car industry is experiencing remarkable demand.

ZEV mandate

The ZEV target for new cars sold is set to increase from 22% to 28% next year, before reaching 80% by 2030 and 100% by 2035.

The Labour government in Britain has been urged to review the ZEV mandate due to declining demand for electric vehicles, which are expensive.

Last month, the Society of Motor Manufacturers and Traders, a car lobby group, cautioned that government targets were exerting excessive pressure on the industry, potentially leading to "devastating impacts" on business sustainability and employment.

Stellantis announced the closure of its Vauxhall van factory in Luton, England, which could result in the loss of over 1,000 jobs.

In mid-November, an open letter was written by a group of 14 NGOs, think tanks, and campaign groups to the U.K. government, urging the upholding of the ZEV mandate.

The car industry's current flexibilities are sufficient, according to the group, who stated that the policy remains one of the country's largest carbon-saving measures.

The U.K. government plans to hold a consultation on supporting the industry to achieve its goal of phasing out the sale of new cars powered solely by internal combustion engines by 2030.

A government spokesperson informed CNBC via email that the industry is facing global challenges and that the government has invested £2 billion ($2.54 billion) to support the transition of domestic manufacturing and has made a budget announcement of over £300 million to drive the uptake of EVs.