More than 6 out of 10 consumers in different parts of the world, including India, are likely or very likely to consider an electric vehicle for their next purchase, although 60 per cent of them considered charging infrastructure as a major challenge, according to a study.
The global study by Tata Consultancy Services surveyed over 1,300 anonymous respondents across USA, Canada, UK, Ireland, Belgium, Denmark, Finland, France, Germany, Netherlands, Norway, Sweden, Switzerland, China, India, Japan, Australia and New Zealand, found that 56 per cent of them were ready to pay up to USD 40,000 (nearly Rs 35 lakh) for an electric vehicle (EV).
The respondents for the study -- TCS Future-Ready eMobility Study 2025 -- included transport manufacturers, charging infrastructure players, fleet adopters, consumers and EV adoption influencers, TCS said in a statement.
According to the survey, 90 per cent of manufacturers believed that improvements in battery technology will enhance range and charging speed and will significantly impact the design and performance of EVs in the near term compared to other technological advancements.
Also, 74 per cent of manufacturers believed charging infrastructure remains the biggest obstacle limiting EV market growth.
From the consumers' point of view, 60 per cent said charging infrastructure was a major challenge, while 64 per cent of them were likely to choose EV as their next vehicle and 56 per cent were ready to pay up to USD 40,000 for an EV compared to a conventional vehicle.
Interestingly, 72 of consumers in the US are very likely to purchase an EV as their next vehicle, as per the study.
In terms of range, 41 per cent said that an acceptable EV range on a single charge is 200-300 miles.
Commenting on the findings, TCS President, Manufacturing, Anupam Singhal 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," Singhal added.
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