How the industry can overcome range anxiety and drive the acceleration of electric vehicle adoption?
Our study, Accelerating the EVolution, finds that range is the third most important ‘critical challenge’ for consumers, and the tipping point for mainstream adoption is 469km*.
EV range is a major concern for those considering the switch from an internal combustion engine (ICE) vehicle, with eight in 10 consumers in our study identifying range as an important or very important factor. The majority of consumers told us they expect to travel at least 469km – the distance from London to Paris – in a full charge. Fleet managers have even higher expectations, averaging 550km.
For many manufacturers, a 469km range is already available with some long-range EVs on the market. However, this extended range typically means adding a larger battery, which reduces the available space in the car, increases its weight and, ultimately, drives up the purchase price.
By working in partnership with battery manufacturers, achieving a range of 469 km could lead to an annual EV market of $257 billion by 2025 across the eight markets, according to an economic model developed as part of our study. Globally this could represent 12% of all new cars sold across the world by 2025.
Further to this, if all three tipping points are met for price, charge time and range, the global market value could increase to $376bn. To find out about the methodology behind these figures, head to page 43 of the report.
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A report commissioned by Castrol into the future of the electric vehicle industry
How can the industry overcome the number one critical challenge for consumers when it comes to making the switch to electric vehicles?
How can the industry address misconceptions around electric vehicle charge times and meet consumer expectations?