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Gloucestershire Business News

Four-in-ten consumers plan electric vehicle purchase as market moves into high gear

Electric vehicle (EV) sales are expected to boom in the next 12 months, according to the latest EY Mobility Consumer Index (MCI), a survey of more than 9,000 respondents.

More than four in ten (41 per cent) of those looking to buy a car in the next year say they will be buying an EV - an increase of 11 percentage points on November 2020's MCI - and nearly eight in ten (77 per cent) of those who already own an EV say their next car purchase will also be an EV.

Overall, 50 per cent of those surveyed say they expect to buy a car (EV or combustion engine), up 17 percentage points increase from the November findings, with 65 per cent saying that they would buy one in the next 12 months.

The survey also reveals that concern about the environment is the top reason for buying an EV, with 78 per cent also stating that the COVID-19 pandemic has heightened awareness and concerns about environmental issues.

Fifty-three percent of those looking to buy an EV feel that it is their responsibility to reduce their personal environmental impact, and 54 per cent feel that buying an EV is one way to achieve this.

Sixty-six percent of all consumers say they are willing to pay a premium for an EV, increasing to 91 per cent among those who are looking to buy an EV as their next car. However, cost of ownership emerges as the top detractor for those who do not plan to buy an EV (50 per cent).

Randall Miller, EY Global Advanced Manufacturing & Mobility leader, said: "This really feels like a tipping point to me, but I can't say it is surprising looking at the recent EY Mobility Lens Forecaster results, which shows that EVs are expected to dominate global sales by as soon as 2033.

"After a bumpy year, it is clear that not only is there a global appetite for people to get back on the road, but that demand for EVs is continuing its meteoric rise. One crucial point is that most consumers are willing to pay a premium for an EV, either due to environmental concerns or an understanding that the long-term costs will likely be lower. This is a fundamental shift in attitudes, which will ultimately be beneficial for the consumer and the planet."

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