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EV price point of £24,000 will boost adoption, survey finds

EV charging

Electric vehicles priced at or below £24,000, have a range of at least 282 and a recharge time of 30 mins will convince more buyers to make the switch, according to a new study by Castrol.

The survey took views from nearly 10,000 consumers, fleet managers and industry specialists across eight of the world’s most important EV markets.

On average, British drivers said they would consider purchasing an EV by 2025 - a year later than the global average.

Price is the number one priority for consumers in the UK, according to the study, with 68% of respondents stating 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.

Castrol said 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 found that misconceptions about maintenance costs could be stopping consumers making the switch, as 62% said that these costs were preventing them from buying a fully electric car.

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.

Almost seven in 10 (69%) 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.

Omer Dormen, VP of Castrol Europe, said: “The automotive industry has been hit hard by the coronavirus pandemic, but I believe EVs 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.

“The three tipping points revealed in Accelerating the EVolution provide a clear roadmap for the automotive industry to help accelerate mainstream adoption of EVs.”

A survey of 2,185 UK motorists, on behalf of the Society of Motor Manufacturers and Traders, found that almost half were not ready to switch into an alternative fuel vehicle (AFV) and that the Government’s target of a 2035 ban on the sale of internal combustion engine (ICE) cars was too soon, however.

Watch now: Connecting Policy To Solutions Virtual Conference 2021

Smart Transport Conference returned on June 8th & 9th, to facilitate pivotal discussions on the future of transport. 

The UK’s most senior public and private sector transport leaders discussed the impact of Covid-19, achieving the Government’s decarbonisation ambitions, the need for more efficient living and better health, and much more.

Keynote speakers included: 

Kwasi Kwarteng, secretary of state at the Department for Business, Energy and Industrial Strategy (BEIS), who spoke on BEIS's approach to decarbonising transport, particularly the electrification of the vehicle industry

Keith Williams, co-author of the Williams-Shapps Plan for Rail, who spoke on rail’s role in integrated transport, decarbonisation and innovation.

Rachel Maclean, parliamentary under-secretary of state at the Department for Transport, who discussed the future of transport and its pivotal role in a ‘green recovery’ from the pandemic.

 

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