AXA study reveals motorists reluctant to buy EVs

New research by AXA UK reveals that nearly two-thirds (63%) of UK motorists have no plans to buy an electric vehicle (EV)
Of those with no plans to purchase an EV, more than a third (37%) say concern over battery lifespan is one of the main reasons
The findings show that uptake of EVs in the UK is slow moving, with just 10 per cent of Brits owning an EV outright
AXA UK identifies battery health certificates as a crucial way to stimulate the second-hand EV market, where there is currently no standardised measure of battery health or barometer for vehicle value

New AXA UK research** reveals nearly two-thirds (63%) of UK motorists don’t plan to buy an electric vehicle (EV). Of those with no plans to purchase an EV, more than a third (37%) say concern over battery lifespan is one of the main reasons

In addition, only eight per cent of those questioned said they had plans to buy a second-hand EV.

The new research – conducted by Stack Data strategy and commissioned by AXA UK – also shows that motorists don’t plan to buy EVs because they believe they are too expensive (61%) and because there is a lack of charging points in their local area (36%).

Alongside the research, AXA UK has published a report, ‘Sparking Change – the case for delivering EV battery health certificates’, which highlights the benefits of standardised battery health information for all makes and models of used EVs to give consumers more confidence in the longevity of the vehicles they are buying.

AXA UK believes that battery health certificates could play a significant role in stimulating the UK’s used EV market by providing a measure for vehicle value that doesn’t currently exist. This could have a positive impact on insurance premiums by making it easier for insurers to accurately assess the value of second-hand EVs in a similar way that mileage is used for vehicles with an engine.

From 1 April, new EVs priced over £40,000 will be subject to an annual expensive car tax for five years at a cost of £425, in addition to road tax of £195 per year being introduced for all EVs. Most EVs fall above the £40,000 price mark*, so used EVs present an attractive alternative for customers looking to make the switch to electric. However, concerns over battery health, range issues and car values mean the second-hand market is faltering.

The research also reveals that there is a clear lack of public awareness around the used EV market, with nearly two-thirds (64%) of those questioned saying there isn’t enough public information on how to buy a used electric vehicle.

In the UK, new EVs and their batteries must have manufacturer warranties of eight years or 100,000 miles but these are often not passed on to subsequent owners of the vehicle. There is currently no standardised method in place for the owners of second-hand EVs to track the vehicle’s battery health or performance.

Battery health certificates have the potential to boost consumer confidence and drive demand to create a thriving second-hand EV market. It’s clear that motorists have concerns around both the lifespan and cost of electric vehicles and without addressing these issues there is a risk that EV uptake will remain low.

We urge the Government to urgently publish guidelines to support standardised battery health testing. Not only will this stimulate the used EV market, but it also has the potential to positively impact insurance premiums by providing a barometer for assessing the value of EVs in a similar way that mileage is used for vehicles with an engine.

Marco Distefano, Managing Director at AXA Retail

The Government made a commitment to introduce battery health certificates in its manifesto. AXA UK believes this should be implemented as soon as possible if the UK is to meet its ambitious EV targets.

The full report can be found here.

* Average Cost of an Electric Car UK 2025 | NimbleFins

** Research methodology: This survey was conducted by Stack Data Strategy, on behalf of AXA, on 2nd - 3rd February polling 1501 members of the public.

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About AXA UK

AXA Insurance UK plc registered in England and Wales under registered number 078950 and authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Conduct Authority registration number 202312. Registered office is 20 Gracechurch Street, London, EC3V 0BG.

AXA UK is part of the AXA Group, a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS revenues amounted to Euro 102.7 billion and underlying earnings to Euro 7.6 billion. AXA had Euro 844 billion in assets under management as of December 31, 2023.

In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA Health and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.

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63% of motorists don’t plan to buy an EV: AXA UK research shows battery health concerns are a key factor