EY study – Four in ten consumers plan electric vehicle purchase as market moves into high gear

• 41% of consumers surveyed plan to buy an electric vehicle (EV) as their next car, up 11 percentage points since November 2020
• Environmental concern is the top driver for purchasing an EV
• 66% of all consumers would be willing to pay a premium for an EV

Electric vehicle (EV) sales are expected to boom in the coming 12 months, according to the latest EY Mobility Consumer Index (MCI), a survey of more than 9,000 respondents from 13 countries. More than four in ten (41%) of those looking to buy a car in the next year say they will be buying an EV - an increase of 11 percentage points on November's MCI - and nearly eight in ten (77%) of those who already own an EV say their next car purchase will also be an EV. Overall, 50% of those surveyed say they expect to buy a car (EV or combustion engine), up 17 percentage points increase from the November findings, with 65% saying that they would buy one in the next 12 months.

The survey also reveals that concern about the environment is the top reason for buying an EV, with 78% also stating that the COVID-19 pandemic has heightened awareness and concerns about environmental issues. Fifty-three percent of those looking to buy an EV feel that it is their responsibility to reduce their personal environmental impact, and 54% feel that buying an EV is one way to achieve this.

Sixty-six percent of all consumers say they are willing to pay a premium for an EV, increasing to 91% among those who are looking to buy an EV as their next car. However, cost of ownership emerges as the top detractor for those who do not plan to buy an EV (50%).

Connect the watts

While the EV market is set to accelerate, uncertainty around charging...