Despite continuing investment in electric vehicles (EVs) by manufacturers, consumers are still not switching at a rate the industry expects. Understanding the trends driving and also holding back demand - both in the UK and in comparison to other Western European markets - will help manufacturers shape their strategies towards greater commercial success.
Our eReadiness study from PwC Strategy& examines markets across much of Western Europe to provide valuable insights on the consumer, commercial and broader factors that are influencing the adoption of EVs.
The study involved more than 4,600 consumers in seven European markets: France, Germany, Italy, Norway, Spain, Switzerland, and the United Kingdom, covering battery electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs). For simplicity, we refer to these jointly as EVs, while acknowledging their major technical and regulatory differences.
More than half (55%) of consumers surveyed plan to buy an EV in the next two years - and 63% in the next five years.
They want to buy because of lower operating costs, environmental impact, and convenience. But they are held back by the upfront price tag and concerns about range and charging time.
Including private charging infrastructure could boost adoption - with 57% of consumers buying bundles with their EVs.
For the UK, there are several areas where it can improve its comparative ranking for eReadiness. It has a high level of demand but is limited by a lack of incentives. Looking at how other markets are addressing these issues could present a huge opportunity for manufacturers.
Drawing on our industry expertise and experience, we can support manufacturers in EV strategy, roll-out, communications, and technology.
We can help local authorities with support on how to invest in charge point access. And, when it comes to customer experience, we can deliver vital insight into what people want to experience and what interactions or behavioural change are needed.
UK Manufacturing and Automotive lead, Private Business leader for PwC Northern Ireland, M&A Deals Partner, PwC United Kingdom
Tel: +44 (0)7809 551517
Energy, Utilities & Resources Deals Leader, Partner, PwC United Kingdom
Tel: +44 (0)7866 727124