Mainstream EV adoption will occur when a typical EV costs £27,000, can achieve a real-world range of around 290 miles and can be fully recharged in just 31 minutes, according to a new global survey by Castrol and its parent company, BP.
The tipping point for the mass adoption of electric vehicles globally has long hung on significant improvements to charging times and range, as well as reducing the showroom cost of long-range EVs.
Castrol says it commissioned a market research company to interview 10,000 consumers and fleet managers in eight countries (China, India, US, UK, France, Germany, Norway and Japan).
The survey found it will be 2024 before the average global car buyer will start to consider buying an EV, with German, UK and US buyers estimating that their personal interest will not be engaged until 2025.
Although it’s rather more speculative, the car buyers surveyed have an even less encouraging view of when EVs will become the mainstream choice. The average estimated date across the eight countries was 2030, but British and Japanese motorists estimated that it would be 2033.
It is probably the huge government support and centralised planning for EVs that has convinced Chinese buyers that EVs will become mainstream in 2027. Globally, 71% of fleet managers expect most of their purchases to be electric by 2030.
The survey categorised five aspects of buying an EV – price, charge time, range, infrastructure and vehicle size/ type – and asked consumers and fleet managers to rank them in order of importance.
For consumers, price emerged as the biggest concern (38%) followed by charging time (28%) and range (20%). Although this may seem contradictory, if fast charging is easily accessed, ultimate range is not such an overriding issue.
As for concerns over pricing, all of the consumers globally saw the price of an EV as the number one concern, but it was UK motorists who took the hardest line on cost, with £22,500 the tipping point for buyer consideration. It was £28,500 in Germany and over £31,000 in Japan.