Fuel prices rise, consumers turn to electric vehicles - Interest in electric vehicles is most likely in Europe
The increase in fuel prices from the war in Iran has caused anxiety and uncertainty for car manufacturers, dealers and vehicle owners.
In the European Union, oil prices have risen by 8%, according to the European Commission. British government data shows that as of March 16, the average price of petrol per litre in Britain has risen by 7% since the start of the war. The average price of petrol per gallon in the US has risen by 27% since the end of February.
History has shown that oil price shocks can lead to structural changes in consumer car-buying habits. The energy crisis of the 1970s pushed American car buyers to choose smaller vehicles, which favored Japanese automakers and eroded the market share of their American rivals.
Analysts say the recent sharp increases in fuel prices are unlikely to significantly change new-car buying patterns immediately. It often takes a prolonged period of high prices, or for them to eclipse a psychological milestone, before car buyers shift their focus to more fuel-efficient choices, industry observers said.
A surge in interest in electric vehicles is most likely in Europe, where fully electric cars accounted for 19.5% of sales last year. In Germany, electric vehicle-related traffic for online car retailer MeinAuto has increased by 40% since the start of the Iran war. Between March 2 and March 12, up to 66% of shoppers were looking at electric vehicles, up from 55% at the end of February, the statistics show.
In the US market, industry experts say a major move towards electric vehicles is unlikely unless fuel prices rise much further.
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