Pricey electric vehicles put off 60 per cent UK, US potential buyers - Juniper Research

KUALA LUMPUR, Oct 4 (Bernama) -- A new Juniper Research survey has found that 66 per cent of UK respondents and 61 per cent of US respondents are discouraged from adopting electric vehicles due to their high purchase price.

According to a statement, it noted that electric vehicles must demonstrate lower running costs compared to traditional vehicles to justify the initial expenditure.

The survey found that only five per cent of UK and US respondents currently use an electric vehicle, with Tesla proving the most popular.

It noted that further consumer education was needed to boost market adoption, with the integration of electric fleet vehicles within Mobility-as-a-Service (MaaS) solutions key to improving user familiarity.

The research found that 48 per cent of UK respondents and 47 per cent of US respondents would be encouraged to use an electric vehicle if the lifespan of vehicle batteries were increased.

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.”

As part of this survey, Juniper Research interviewed 1,000 adults in the US and 1,000 adults in the UK during July 2022.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.

-- BERNAMA