Tipping point for ‘EVolution’ revealed by study

Published:  09 September, 2020

Garages looking to decide when to take the plunge with EVs may want to consider the results of a new study from Castrol that has found that the tipping point for UK motorists to go over to an electric car come down to a price point of £24,000, a charge time of 30 minutes and a range of 282 miles.

The ‘Accelerating the EVolution’ report also estimates that the annual electric vehicle market in the UK could be worth £13 billion by 2025 if all three tipping points are met.

On average, British drivers said they would consider purchasing an EV by 2025, a year later than the global average. 64% said they are adopting a “wait and see” approach. Around 60% of fleet managers said they are waiting for competitors to make the switch before they do.

68% of drivers said an EV us currently beyond their budget. The global average price point has been found to be £29,000, suggesting UK drivers are not willing to pay as much as those in other countries. 62% of UK motorists also said that perceived high maintenance costs were also preventing them from buying a fully electric car.

Meanwhile, charge time was identified as important. 69% of those questioned believe EVs will only make up the majority on the roads once they can charge in a similar time as it takes to refuel an internal combustion engine vehicle.  Range anxiety was the third factor, with drivers requiring a much larger capacity than their usual commuting and local driving would require.

Commenting on the results, Omer Dormen, VP, Castrol Europe said: “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. 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.”

Mandhir Singh, chief executive officer at Castrol added: “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. 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.”

The ‘Accelerating the EVolution’ report, which includes a full breakdown of the research and detailed findings, is available to download at www.castrol.com/EV

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