2025 to see 64% vehicle buyers likely to choose EV as their next vehicle
- The year 2025 is expected to see an accelerated EV adoption pace globally.
The year 2025 could see a major boost for the electric vehicle industry. The vehicle buyers around the world are likely or very likely to buy an electric vehicle for their next purchase, which is expected to mrk a significant milestone in the shift towards electric mobility, claimed a study.
Tata Consultancy Services (TCS) Future-Ready eMobility Study 2025 encompassed moe than 1,300 respondents across North America, the United Kingdom, Continental Europe, and the Asia-Pacific region. The study has highlighted that the growth in the electric vehicle industry in 2025 will be majorly attributed to the environmental sustainability focus and operational cost savings offered by the EVs compared to their internal combustion engine-powered counterparts.
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The study claims that a significant 63 per cent of potential vehicle buyers are considering to buy electric vehicles as their next purchase. It further revealed that around 56 per cent of respondents are willing to spend up to $40,000 on an electric vehicle, which translates to around ₹35 lakh in Indian currencies.
Despite the growing enthusiasm about the electric vehicles, there are some critical barriers too ahead of the EV adoption, which include affordability and charging infrastructure related concerns. Technological advancements in battery performance too remain a critical factor for the consumers. A lack of adequate EV charging networks was identified as a key challenge by 60 per cent of consumers and 74 per cent of vehicle manufacturers, underscoring the need for accelerated investment in this domain.
EV outlook: How OEMs expecting 2025 to turn out
The study shows that 90 per cent of the electric vehicle manufacturers believe that improvements in battery range and charging speed will significantly impact the design and performance of electric vehicles. Meanwhile, 55 per cent of EV manufacturers are investing in battery research and development, and 78 per cent are focusing on reducing vehicle costs to meet growing consumer demand. With significant investments in battery technology, cost reduction, and charging infrastructure, the EV industry is well on its way to achieving its sustainability goals, believes the manufacturers.
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