Mass adoption of EV still some distance away

- UK consumers more willing to pay premium for electric cars than European counterparts, according to new Deloitte study

Despite rising fuel prices, the mass adoption of electric vehicles (EVs) is still some distance away, is the finding of a new study by Deloitte, the business advisory firm.

According to the survey of 4,760 European consumers, only 16% see themselves as potential first movers to buy or lease an electric vehicle, while 53% say they might be willing to consider it, and 31 percent say they are not likely to consider purchasing or leasing an EV.

David Raistrick, automotive partner and head of manufacturing at Deloitte UK, commented: "There is no doubt that electric vehicles are the future of the automotive industry. However, while interest in electric vehicles is growing, with 69% of respondents willing to consider an EV today, current market offerings generally fall far short of consumers' expectations for driving range, charging time, and purchase price.

More than 80% of European consumers surveyed said that convenience to charge, range, and the cost to charge were all key considerations when buying or leasing an EV.

David Raistrick added: "Range, price and charging concerns need to be addressed. Our research shows that there are specific design targets that manufacturers must reach in order to entice car buyers.

"Three-quarters of European consumers surveyed (74%) said that before they would consider purchasing an EV, they would expect it to be able to travel 300 miles between charges - much higher than what is currently available - and 67% said the battery must take no longer than two hours to charge.

"In the UK, however, consumers consider the ability to travel at least 200 miles between charges to be the tipping point, especially in London and the South East."

"The automotive industry continues to invest in high end R&D to devise the cutting edge technology required for electric vehicles. It is clear that this innovation is a priority for car manufacturers. I believe there is potential for green vehicles to represent 10% of the new car market within 10 years, although the road to get there will be bumpy. Manufacturers face many challenges, both in terms of actual design elements, as well as changing the mindset of consumers toward electric vehicles."