The road to EV readiness for markets, carmakers and consumers.
Switching on the Revolution
A report commissioned by Castrol and bp pulse into the readiness for transition to electric vehicles.
The last 12 months have been revolutionary for the automotive industry, as many governments ramp up their net-zero ambitions with clear targets to phase out internal combustion engine (ICE) vehicles.
Switching ON the rEVolution is a global opinion research study among 10,000 consumers and 100 automotive executives, exploring levels of readiness for the switch from ICE vehicles to electric vehicles (EVs). For the purposes of this study EVs refers to fully electric vehicles (also known as battery electric vehicles), unless otherwise stated.
The study spans 10 key markets: ANZ (Australia and New Zealand), China, France, Germany, India, Japan, the Nordics (Sweden, Norway, Finland and Denmark), Turkey, the UK and the US.
Transition momentum is building. With ambitious net-zero emissions targets to meet, many governments have now set target dates for ending the sale of new gas and diesel-powered vehicles. The rEV Index – which assesses nations on their readiness for EVs from the point of view of both vehicle users and manufacturers – indicates that countries are making strong progress, but that a holistic approach is needed to tackle remaining barriers.
Our study finds that automotive executives believe their organizations can meet government mandated ICE-phase out targets. 97% of the automotive executives in our study are confident that their organisation will hit the government date in their market for phasing out ICE vehicles. The industry is focused on the challenge that lies ahead: almost two-thirds of the automotive executives in the study say that the transition from personal ICE vehicles to personal EVs is the number one strategic priority for their organisation.
But are consumers ready to make the change? Our data shows that a shift in mindset is certainly underway. 53% of all surveyed consumers in the study said they would consider an EV when they leased or purchased their next vehicle. And these purchases are on the horizon: 62% plan to purchase their next vehicle between now and 2024.
Our study shows that there are number of key accelerators that can help drive the rEVolution. Automotive executives in the survey believe that government mandates, partnerships and collaboration are encouraging their companies to make the switch to EVs. Consumers in the study, meanwhile, are motivated by aspirations like lower air pollution and practicalities like lower running costs and convenience of home charging option.
Although automotive executives are confident about hitting government-imposed ICE phase out dates, our study also finds potential roadblocks on the road to readiness. Automotive executives in the survey are concerned about the cost of batteries and availability of charging infrastructure. Meanwhile, consumers in the study still have lingering concerns around charge time, charging infrastructure and range.
With governments prioritizing the transition, consumers increasingly considering EVs, and the industry focused on the task ahead, collaboration and co-engineering will play a pivotal role in Switching ON the rEVolution.
To accelerate the transition to electric vehicles, the industry – including Castrol and bp pulse – needs to work together to overcome challenges.
Switch ON an Electric Future with Castrol ON, an advanced range of transmission, thermal management and grease EV Fluids.
bp pulse is committed to helping make the switch to EVs easier by building a significant public charging network and reliable charging products and services, that is fast, simple to use and totally seamless.