Global EV Demand Stalls Amid Charging Infrastructure Concerns, EY Report Reveals

Global EV Demand Stalls Amid Charging Infrastructure Concerns, EY Report Reveals

(IN BRIEF) Global demand for electric vehicles has slowed, with concerns about charging infrastructure, range, and battery costs remaining key obstacles for potential buyers, according to the EY Global Mobility Consumer Index. EV buying intent rose marginally, but the US saw a decline in interest, while the UK experienced a growth in overall car buying. Chinese EV brands are gaining traction, particularly for their value for money, though trust and awareness remain issues.

(PRESS RELEASE) LONDON, 10-Sep-2024 — /EuropaWire/ — The global shift towards electric vehicles (EVs) appears to be slowing as consumer concerns about charging infrastructure, range, and battery replacement costs remain significant barriers, according to the latest EY Global Mobility Consumer Index. While the percentage of potential EV buyers rose slightly from 55% to 58% over the past year, this marks a plateau after a rapid increase in demand between 2020 and 2023.

Charging infrastructure remains the top concern, cited by 27% of respondents, followed by range anxiety (25%) and long charging times (18%). Additionally, 26% of potential buyers expressed concerns over high battery replacement costs, a new challenge highlighted in this year’s study.

The report also revealed shifts in car buying intent across regions, with the US showing a notable decline in EV interest, falling from 48% to 34%, while hybrid vehicles gained some traction. In contrast, the UK saw a rise in overall car buying intent, although the increase in EV interest was modest.

The report also touched on growing interest in Chinese EV brands, particularly for their value for money, with 59% of Europeans considering these brands for their affordability. However, brand trust and awareness remain challenges for Chinese manufacturers, especially in Western markets.

As connected car features gain prominence, cost concerns and privacy issues continue to hold back consumer enthusiasm for such technologies.

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SOURCE: Ernst & Young Global Limited