New study reveals what it’ll take for mass EV adoption in UK

Drivers want EVs priced at £24,000 with an average 30-minute charge time and range of 282 miles

New study reveals what it’ll take for mass EV adoption in UK

A new study released by Castrol draws on the views of consumers, fleet managers and automotive industry leaders from across the UK to reveal the factors driving electric vehicle (EV) buying decisions.

Accelerating the EVolution reveals that, on average for UK consumers, a price point of £24,000, a charge time of 30 minutes and a range of 282 miles from a single charge are the ‘tipping points’ to achieve mainstream EV adoption.

The research also estimates that the annual electric vehicle market in the UK could be worth £13 billion by 2025 if all three tipping points are met.

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Omer Dormen, VP, Castrol Europe said: “The automotive industry has been hit hard by the coronavirus pandemic, but I believe that electric vehicles have a central role to play in powering the sector’s low-carbon recovery.

“Castrol’s research shows that individual consumers are positive about making the switch to electric, but buyers in the UK expect to do so slightly later than those in other markets, and are keen to pay a bit less.

“As an industry we must focus on the factors that matter most to consumers.”

Based on research from eight of the world’s most important EV markets, Castrol’s study examines five critical challenges that should be addressed to promote further growth in the EV market, highlighting the different priorities for consumers and fleet managers.

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The opinion research, which was conducted December 2019 to January 2020, found that on average, British drivers said they would consider purchasing an EV by 2025, a year later than the global average.

Almost two-thirds of those surveyed (64 per cent) said they are adopting a ‘wait and see’ approach.

Around 60 per cent of fleet managers said they are waiting for competitors to make the switch before they do.

Price is the number one priority for consumers in the UK, with 68 per cent saying that EVs are currently beyond their budget.

Once vehicles have an average price tag of £24,000, UK drivers said they’d be willing to go electric.

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This price point is significantly lower than the global average of £29,000, suggesting that British consumers are not willing to pay as much as those elsewhere.

The study also finds that misconceptions about maintenance costs could be stopping consumers making the switch: 62 per cent say that these costs were preventing them from buying a fully electric car.

This suggests that many consumers are unaware that the overall average cost of ownership of an EV over its lifetime tends to be lower than an ICE vehicle.

Charge time was identified as the second most important challenge to the mainstream adoption of EVs, and UK consumers said they require an average charge time of 30 minutes before they would consider purchasing an EV.

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Almost seven in 10 (69 per cent) of those questioned believe EVs will only dominate on the roads once they can charge in a similar time as it takes to refuel an internal combustion engine (ICE) vehicle.

Range was ranked third on the priority list by UK drivers, with three in five of those surveyed agreeing that it is a significant barrier to the mainstream adoption of EVs.

On average, they expect a range of 282 miles from a single charge, approximately equivalent to the distance from London to Paris.

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