How can the industry overcome the number one critical challenge for consumers when it comes to making the switch to electric vehicles?
Our report, Accelerating the EVolution, shows that the average tipping point for mainstream adoption is $36,000*, equivalent to the average price of an internal combustion engine car in the United States.
Attitudes to price vary significantly across markets, with expectations in our survey averaging between $30,000 and $43,000. By working to bring the purchase price of EVs in line with internal combustion engine (ICE) equivalents, manufacturers have an opportunity to accelerate mainstream adoption and capture market share.
For consumers, purchase price is more influential than any other critical challenge, including charge time and range. Our economic model (head to page 43 of the report to read about the methodology), developed as part of this research, shows that reaching a price tag of $36,000 will mean a significant boost to EV sales, with electric vehicles representing a market of $268 billion per year by 2025 across the eight markets in our study if this tipping point is achieved. Globally, this could represent 12% of all new cars sold across by 2025.
Our range of e-Fluids has been developed to meet the needs of vehicle manufacturers, enabling electric vehicles to run smoothly, efficiently and stay cool. Find out more about how our range of e-Fluids are powering the future of mobility.
Castrol's advanced range of Transmission, Coolant and Grease e-Fluids. On land, sea and in space.
A report commissioned by Castrol into the future of the electric vehicle industry
How can the industry address misconceptions around electric vehicle charge times and meet consumer expectations?
How the industry can overcome range anxiety and drive the acceleration of electric vehicle adoption?