Cost and battery life main deterrents for purchasing electric vehicles: Juniper Research

The high price point and low battery life of electric vehicles (EVs) are the main factors deterring potential buyers according to a new survey from Juniper Research.

The Urban Mobility Survey 2022 reveals that in the US and UK markets over 60 percent of respondents perceive the purchase price of EVs as too high and as the main factor in deterring them from purchasing a non-combustion engine vehicle.

According to a white-paper on the topic, the most common responses that would encourage consumers to purchase an EV are to introduce an entry-level model to reduce the initial cost, as well as increasing the battery life.

“While EVs have been developed since 1884, when the first production electric car was launched, it is only in the last five years that these EVs have become a genuine contender for consumers when picking their next vehicle. However, the future success and viability of EVs is largely dependent on the infrastructure to charge them,” the authors state.

The research reveals that 48 percent of UK respondents and 47 percent of US respondents would be encouraged to purchase and EV if vehicle battery life was improved.

According to research author Scarlett Woodford, “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.”

McKinsey and Company research from earlier this year revealed that the global demand for EVs is expected to grow six fold from 2021 to 2030, with the major growth constraints being difficulty in sourcing raw materials, a lack of EV charging infrastructure and inefficiencies of battery production gigafactories.

“Taking quick action will be key to extending the momentum in EVs and may even help to accelerate adoption of autonomous vehicles (AVs), through which original equipment manufacturers (OEMs) will find even more opportunities in services and life cycle revenues from such things as over-the-air software updates, mapping services, and in-vehicle entertainment,” the report said. 

Other influential factors encouraging consumers to purchase EVs according to Juniper includes the rising price of fuel for other vehicle types, lower running costs, reduced pollution, and government subsidies.