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Number of Gen Z Owning Cars Predicted to Fall Drastically

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A new study reveals that more than 10% of Generation Z plans to abandon car ownership in favor of more eco-friendly transportation methods over the coming half-decade.

This comes as the cost of living crisis has made car ownership increasingly unaffordable for young people across the country, alongside a clear desire amongst the population to live more environmentally friendly lives. Serving as testament to this, previous research from the Pew Research Centre unveiled that the majority of Gen Z (67%) consider environmental awareness and sustainability a top priority in their personal lives.

Indicating that this shift has already begun, the report from Swytch unveiled that over 23% of Gen Z have already stopped using their cars for short journeys. Alongside turning to public transport as an alternative, 5.9m state they plan on engaging in more active modes of transport including cycling, using an e-bike or walking. Another key factor contributing to the rise of active transport has been the soaring cost of fuel and fares across the public transport system. Fuel prices are now 15% and 25% higher for petrol and diesel respectively in comparison with May 2021. Commuters that rely on the train were similarly stung with an almost 6% increase in fares in March. As a result, almost 4m Brits are now cycling or using an e-mode of transport to get to their job, according to Swytch's report.

More than 265,000 battery-electric cars were registered in the UK in 2022 – a growth of 40% on 2021 – however, despite this growth, for many this still represents an unaffordable option. Contrastingly, e-bikes present as a much more cost-effective way of travelling short to medium distances with little effort required, whilst still being time-efficient. As a result, the e-bike industry is witnessing exponential growth – The Light Electric Vehicle Association predicted that more than 1 million e-bikes were sold last year, with the global e-bike market projected to reach Ā£100 Billion by 2030. Swytch Technology have also seen an uptake in the number of Britons turning to e-bikes with over a thousand people signing up to their global waitlist every day.

CEO and co-founder of Swytch Technology, Oliver Montague, commented:

“Although there is still progress to be made in creating a sustainable transport infrastructure in the UK, consumer behavioural trends certainly show that the public is starting to favour electric vehicles over internal combustion engines, indicating a dedication towards a greener future.

ā€œAll research indicates that young people are driving less than in the 1990s, and I think that as sustainability becomes a key priority for the likes of millennials and Gen Zā€™s, petrol and diesel cars are definitely ā€˜losing their coolā€™. This is especially true now amid a cost of living crisis when owning and running a car has become far too expensive for a lot of people.

“At the forefront of this change are e-bikes. Not only are they environmentally friendly, but they are also practical and cost-effective for both individuals and businesses. As more people turn to e-bikes for their daily commuting and delivery needs, we will see a significant reduction in our reliance on fossil fuels and a corresponding decrease in air pollution.

“We are proud to be at the forefront of this shift towards a more sustainable future, and we believe that e-bikes will continue to play a crucial role in reaching environmental goals.”

Business News Wales