The Accelerating the EVolution survey revealed that consumers are looking for electric cars price at around £24,000, a charge time of 30 minutes, and a range of 282 miles from a single charge. The same study found that if those three 'tipping points' could be met, the increase in EV uptake could lead to the EV market in the UK increasing in value to £13 billion by 2025.
"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," Omer Dormen, VP, Castrol Europe. "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."
The study was based on research from eight of the world's most important electric vehicle markets, examining five critical challenges that need to be addressed to help the EV market grow.
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Other key findings included that almost two-thirds of those surveyed (64 percent) said they were adopting a 'wait and see' attitude towards whether they buy an EV and could consider buying one by 2025, with 60 percent of fleet bosses waiting for rival firms to make the first move.
More than two thirds (68 percent) of UK consumers said that current EV prices were too high for them to consider one currently, but if the average price dropped to £24,000, they could change their stance. The global average of £29,000 though suggests that Brits are not willing to pay as much as those elsewhere.
Maintenance costs also put people off in the study, despite the fact that they tend to be lower than ICE maintenance costs over the life of the vehicle.
Charge times and range anxiety also featured highly on the list of concerns for potential EV buyers, with 69 percent insisting that EVs will only become commonplace once charging times are significantly reduced, while range anxiety was the third most mentioned concern of all, with people expecting a 282 mile range before they consider buying an EV.
"The automotive industry has already demonstrated what it can achieve in response to the coronavirus pandemic, turning its capabilities to producing much needed medical equipment," said Mandhir Singh, chief executive officer at Castrol. "With EV technology constantly improving, the challenge now will be to drive a low-carbon recovery and accelerate the EVolution as quickly as possible.
"Castrol has been working with the automotive industry to develop unique e-Fluid technology to support EVs, from battery coolant e-fluid, e-greases and transmission fluids.
"Bringing down the cost and charge time for electric vehicles while increasing range, infrastructure and vehicle choice will be critical to persuading consumers to make the switch."