How environmental concern became the top driver for purchasing an EV

Advanced Manufacturing and Mobility Business Minute

In this episode, Gaurav Batra, EY Global Advanced Manufacturing & Mobility Analyst Leader, discusses the findings of the latest EY Mobility Consumer Index (MCI) wave 2 research.

Almost 41% of those looking to buy a car are considering buying an electric vehicle (EV). The EV sales boom is a part of a wider resurgence in car buying. Catalyzed by nonwork-related journeys and coupled with concerns over the safety of public transport, cars are considered a safer and more convenient choice for travel even as the pandemic risk declines in many countries. Though the prospect of an EV sales boom is good news, overcoming concerns over the cost and performance of EVs will be a challenge for automakers.

Key takeaways:

• There is a shift in the type of travel being undertaken and the modal choices. While nonwork-related travel is set to recover globally, work travel intentions remain in the slow lane.
• Sales of all kinds of cars, EVs and internal combustion engines (ICEs) are expected to rise. For the first time, environmental concerns are topping the list of reasons for considering an EV across all age groups.
• Cars (in various forms) remain the safest and most convenient form of travel over public transportation, even as the pandemic risk declines in many countries.