More than 50% of global car buyers considering electric vehicles for the first time: EY

THE number of car buyers worldwide looking to buy an electric vehicle (EV) has exceeded 50 per cent for the first time.

Some 52 per cent of car buyers globally are interested in EVs, representing a rise of 22 percentage points in 2 years, according to EY’s Mobility Consumer Index.

In a survey of 13,000 people in 18 countries, EY found that most consumers are considering EVs mainly due to environmental concerns.

Rising penalties on internal combustion engine vehicles have also emerged as a key concern for the first time, EY noted.

Benjamin Chiang, EY Asean government and public sector leader, said: “These findings mark a tipping point in the global car buying market. Consumers are becoming increasingly socially and environmentally conscious, which is the biggest motivator behind EV adoption.”

EY said car buyers in Italy, China and South Korea are the most committed to buying an EV, while consumers in Australia and the US are the least committed. In Singapore, 56 per cent of car buyers want to buy an EV.

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Some 88 per cent of global consumers looking to buy EVs are also willing to pay a premium, with 35 per cent willing to pay a premium of 20 per cent or more, which is in line with findings from 2021.

As for drivers worldwide that already own EVs, EY said consumers are now less worried about how far EVs can travel on 1 charge or charging infrastructure.

It noted that the top motivator for second-time EV buyers was that they now have longer ranges, and just 27 per cent of current EV owners were concerned about charging infrastructure, compared to 36 per cent of those currently without an EV.

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A majority of the surveyed EY owners, or 81 per cent, use home-charging facilities at least once a week, while shopping malls or retail locations are the most preferred non-residential charging locations.

EY global transport leader Tony Canavan expects to see less concerns over charging facilities and the range of EVs as infrastructure grows and battery quality improves.