A new survey has revealed exactly what consumers expect from electric vehicles. And how much money they’re willing to pay for them.
Oil company Castrol commissioned a global survey to find out the point at which most consumers would consider buying an electric vehicle over a traditional one. The study surveyed 9,000 consumers, 750 fleet managers, and 30 automotive industry professionals in the United States, United Kingdom, Norway, France, Germany, India, China, and Japan.
The study found that to achieve mass adoption, electric cars must, on average, get a lot better. Customers want half hour charging times, 468 km of driving range on a single battery charge, and have a base price of $36,000 USD. Most EVs cannot reach those numbers yet.
Price was the biggest factor for EV adoption, according to consumers. Charging times and driving range following in terms of overall importance. Some 61% of buyers are adopting a “wait-and-see approach” to electric cars. Many are hoping that battery technology will improve before they make a purchase.
Fleet managers are equally cautious. Over half (54%) said they would wait for competitors to switch to EVs before doing so themselves.
When Will EVs Take Over?
So, when will the tipping point towards EVs officially occur? Some automakers have gotten close to reaching one or two of the above criteria. Fast charging is getting better all the time, and some EVs are boasting increased driving ranges. However, most automakers haven’t managed to get the price down on their new technology. For many consumers, the thought of buying a $40,000 EV sedan when you buy a Honda Civic for $20,000 just seems crazy.
The majority of respondents said they would consider buying an electric car by 2024. The study itself predicts mainstream adoption will occur by 2032 in the U.S., but earlier in other countries. They predict 2025 in India, 2027 in China, and 2031 in France.
Are you ready to join the EV revolution yet?