Increase in EV Prices Push Away the Potential UK and US Buyers

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Only 5% of UK and US respondents currently use EV.

As per Juniper Research survey, 66% of UK and 61% of US respondents are not keen on adopting electric vehicles because of the high purchase price. EVs are expected to demonstrate lower running costs when compared to traditional vehicles. Electric vehicles replace internal combustion engines with electric motors and batteries.     

It is noteworthy that 48% of UK and 47% of US respondents would be encouraged to use an EV if the lifespan of vehicle batteries were increased.  

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Currently, only 5% of UK and US residents use an electric vehicle, with Tesla proving the most popular. Much consumer education is needed to boost market adoption. The integration of electric fleet vehicles within the MaaS (Mobility-as-a-Service) solutions key could help improve user familiarity. 

The recent MaaS research found that mobility schemes which determine the best route and price across end-to-end transport services will save consumers $10.5 billion in fuel costs by 2027. Vendors must also incorporate EVs to maximise environmental benefits and subsequently, adoption. 

Research author Scarlett Woodford remarked: “Vehicle manufacturers must invest in battery technology; focusing on performance improvement and range extension, whilst decreasing cost. This will facilitate lower production costs, enabling electric vehicles to offer a more competitive value proposition versus internal combustion engine vehicles.”

In this survey 1,000 adults in the US and 1,000 in the UK were interviewed in July 2022. 


 

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