Smart Transport

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.

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. Watch his presentation below:


Comment as guest

Login  /  Register


No comments have been made yet.

Related content

Office Address
  • Smart Transport
    Media House
    Lynch Wood
    PE2 6EA
Join the community
  • Smart Transport is the UK's most important brand to bring together senior public policy makers and influential private sector leaders to showcase real-time solutions aligned to government policy.
  • Find out more
  • Insight


Welcome to Smart Transport

Welcome to the Smart Transport website, keeping you up-to-date with the latest news, insight and reports from policymakers and thought leaders.

The Smart Transport brand connects policy to solutions by bringing national government and local authority policymakers together with private sector organisations.

Contact Lindsay Greatbatch for more information.

© Bauer Consumer Media Ltd
Media House, Lynch Wood, Peterborough, PE2 6EA - Registered number 01176085 IPSO regulated logo


Smart Transport members

Smart Transport board members


Please note:
By submitting any material to us you are confirming that the material is your own original work or that you have permission from the copyright owner to use the material and to authorise Bauer Consumer Media to use it as described in this paragraph. You also promise that you have permission from anyone featured or
referred to in the submitted material to it being used by Bauer Consumer Media. If Bauer Consumer Media receives a claim from a copyright owner or a person
featured in any material you have sent us, we will inform that person that you have granted us permission to use the relevant material and you will be responsible for paying any amounts due to the copyright owner or featured person and/or for reimbursing Bauer Consumer Media for any losses it has suffered as a result.