Mumbai, January 14
64 per cent of consumers are likely or very likely to choose an electric vehicle (EV) for their next purchase, marking a significant milestone in the shift towards sustainable transportation, according to the Tata Consultancy Services (TCS) Future-Ready eMobility Study 2025, launched at the Detroit Auto Show.
The study, encompassing over 1,300 respondents across North America, the United Kingdom, Continental Europe, and the Asia-Pacific region, provided insights from diverse stakeholders, including consumers, manufacturers, fleet operators, and EV adoption influencers. It highlights a growing inclination towards EVs driven by environmental sustainability and operational cost savings.
Sustainability emerged as a primary motivation for EV adoption among consumers and influencers. A significant 63 per cent of influencers aim to achieve net-zero goals by adopting EVs.
For commercial fleets, the reduced operational costs--cited by 53 per cent of fleet adopters--are a compelling reason to make the shift.
However, the study also highlighted consumer concerns. While 56 per cent of respondents are willing to spend up to USD 40,000 on an EV, affordability and charging infrastructure remain critical barriers.
A lack of adequate charging networks was identified as a key challenge by 60 per cent of consumers and 74 per cent of manufacturers, underscoring the need for accelerated investment in this area.
Regional disparities in EV adoption are evident, with 72 per cent of U.S. consumers likely to opt for EVs compared to just 31 per cent in Japan. When it comes to range expectations, 41 per cent of consumers believe an acceptable range is 200-300 miles per charge, while 31 per cent prefer 300-400 miles.
The study also reveals a positive outlook among commercial fleets, which are more willing to pay a premium for EVs than for traditional internal combustion engine (ICE) vehicles. These findings signal a gradual but significant shift in the mobility ecosystem.
Despite the optimism, the industry faces several hurdles. Charging infrastructure, affordability, and technological advancements in battery performance remain critical.
The study shows that 90 per cent of manufacturers believe improvements in battery range and charging speed will significantly impact EV design and performance.
Meanwhile, 55 per cent of manufacturers are investing in battery research and development, and 78 per cent are focusing on reducing vehicle costs to meet growing consumer demand.
Earl Newsome, Global Chief Information Officer at Cummins, highlighted the transformative potential of electric mobility, stating, "The future of mobility is electric, connected, and sustainable--a transformation that will redefine industries and communities alike."
Anupam Singhal, President of Manufacturing at TCS, said, "The electric vehicle industry is at a defining crossroad, navigating the complexities of scale and transformation. While nearly two-thirds of consumers are open to choosing electric for their next vehicle, manufacturers face challenges like advancing battery technology, complex vehicle designs, and production economics."
With significant investments in battery technology, cost reduction, and charging infrastructure, the EV industry is well on its way to achieving its sustainability goals.
- ANI