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A new EY report shows a lack of charging infrastructure and the cost of battery replacements are the biggest concerns around buying an electric vehicle.
Growth in global demand for electric vehicles (EVs) is slowing down after soaring in recent years, according to a new report from EY.
The company’s fifth Global Mobility Consumer Index report found that the percentage of people planning to buy an EV has risen from 55pc to 58pc since last year, based on more than 20,000 respondents from 28 countries. But this shows demand is levelling off – this percentage jumped from 30pc to 55pc between 2020 and 2023.
The report suggests that a number of concerns are holding back a growth in demand, with 27pc of respondents citing a lack of charging infrastructure as their primary concern when thinking of purchasing an EV.
One-quarter of respondents said they are worried about the range of EVs, while 18pc said EVs take too long to charge. More than 25pc also had concerns around the high costs of battery replacements.
Globally, 14m electric cars were sold in 2023, up 35pc on the previous year. However, recent statistics from Ireland’s Central Statistics Office shows the number of new EVs licensed in Ireland fell by 24pc in the first half of 2024.
“Electric vehicles are the future of mobility and key to decarbonising the transport sector, but these findings reveal that there is still a journey ahead when it comes to addressing consumer concerns, both here in Ireland and globally,” said Julia Ann Corkery, EY Ireland government and infrastructure advisory partner.
“As the EV market matures and moves increasingly beyond the early adopters into mass adoption, it’s clear that consumers continue to hold concerns, particularly regarding infrastructure and range.
“Globally, there needs to be a sustained effort across the ecosystem to make sure that these concerns are addressed, otherwise we run the risk of turning consumers off EVs at a time when they should be getting more excited about them.”
Efforts are being made to improve charging infrastructure and the supply of EV batteries. Samsung and General Motors recently finalised a joint venture to supply EV batteries in the US.
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Updated, 11.54am, 9 September 2024: This article was updated to remove the statement that global EV sales have dropped. Global sales of EVs increased in 2023 and in the first half of 2024.
