Two Out Of Three Car Buyers Likely To Choose EV As Next Purchase, TCS Says
More than 50% of prospective buyers are willing to spend up to $40,000 (about Rs 30 lakh) for an electric car, TCS Future-Ready eMobility Study 2025 reveals.
Nearly two out of three car buyers are likely to choose an electric car as their next purchase but for a key overhang—charging infrastructure.
2025 will be the year of the EV as 64% of consumers are likely to choose EVs as their next vehicle, according to the ‘TCS Future-Ready eMobility Study 2025’ released on Tuesday. While 60% of the consumers said charging infrastructure was a major challenge, 56% were ready to pay up to $40,000 (about Rs 30 lakh) for an EV.
Tata Consultancy Services Ltd. spoke with 1,300 people across North America, Europe and Asia-Pacific to arrive at the findings. These included automakers, fleet operators, charging firms, consumers and influencers.
“The EV industry is at a defining crossroads,” Anupam Singhal, president (manufacturing) at India’s largest IT services firm, said in a statement. “While nearly two-thirds of consumers are open to choosing electric for their next vehicle, manufacturers face challenges like advanced battery technology, complex vehicle designs and production economics.”
According to the TCS study, sustainability and lower operational costs are the key factors driving adoption of electric mobility.
Nearly 48% of EV influencers said electric vehicles increase overall carbon output just as much as they reduce it. About 53% of fleet operators cite lower operational costs as the primary reason to go electric, so much so that they are willing to pay a premium upfront.
