According to the Tata Consultancy Services (TCS) Future-Ready Mobility Study 2025 launched at the Detroit Auto Show, 64 per cent of consumers are likely to choose an electric vehicle (EV) for their next purchase, which is a significant milestone in the shift towards sustainable transportation. The study, covering over 1,300 respondents from North America, the United Kingdom, Continental Europe and the Asia-Pacific region, provided insights from a diverse range of stakeholders, including consumers, manufacturers, operators, and influencers who adopt EVs. This highlights the growing inclination towards EVs, driven by environmental sustainability and operational cost savings.
Attention Paid to Consumer Concerns
The study also highlights consumer concerns. While 56 percent of the respondents are willing to spend up to USD 40,000 on EVs, affordability and charging infrastructure remain significant constraints. As many as 60 percent consumers and 74 percent of manufacturers identified lack of an adequate charging network as a major challenge, underlining the need for quick investment in the sector. Regional disparities in EV adoption are evident, with 72 percent of US consumers opting for EVs while in Japan the figure is only 31 percent. When it comes to range expectations, 41 percent of consumers believe the allowable range is 200-300 miles per charge, while 31 percent prefer 300-400 miles.
Anupam Singhal, President of Manufacturing at TCS
Anupam Singhal, President of Manufacturing at TCS, said that the electric vehicle industry is at a decisive crossroads, navigating the complexities of scale and change. While nearly two-thirds of consumers are ready to choose electric for their next vehicle, manufacturers are facing challenges such as advancing battery technology, complex vehicle design, and production economics. With significant investments in battery technology, cost reduction, and charging infrastructure, the EV industry is well on track to achieve its sustainability goals.