A new study by Tata Consultancy Services (TCS) shows that more than 6 out of 10 consumers (64%) may think about buying an electric vehicle (EV) for their next car.
The TCS Future-Ready eMobility Study 2025 also points out that 60% of people see the lack of charging stations as a big problem, and 56% are willing to spend up to $40,000 on an EV.
This study surveyed over 1,300 people in several regions, including North America (USA and Canada), the United Kingdom and Ireland, Continental Europe (like Germany and France), and parts of Asia (including China and India). The survey included car companies, charging station providers, and regular consumers.
The study found that the main reasons people want to buy EVs are sustainability and lower operating costs. Many people want EVs to help the environment, but not everyone agrees on how effective they are. Almost 48% of EV influencers think that while EVs reduce some carbon emissions, they may also create others. 10% of them feel that using EVs can harm the environment. However, businesses using fleets of vehicles see EVs positively, with 53% saying reducing costs is their main reason for choosing electric over traditional cars.
Even with greater interest in EVs, there are still big challenges, especially with charging stations and new technology. About 74% of EV manufacturers say the lack of charging stations is a major obstacle to EV market growth, but 55% are already spending money to improve battery technology. Nearly 78% are also investing in how to make EVs less expensive as more people want them.
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The survey also shows that 90% of manufacturers believe better battery technology will improve how far EVs can go and how fast they can charge, significantly changing their design and performance.
– 90% of EV manufacturers and 84% of EV influencers said improvements in battery technology will seriously impact how EVs are designed and how well they perform.
– 74% of manufacturers believe that a lack of charging stations is the biggest barrier to EV market growth.
– 72% of people who build charging stations expect to see mergers in the EV industry due to financial issues and the need to expand.
– 41% of consumers said they expect an acceptable distance for an EV to travel on one charge is between 200-300 miles, and 31% think 300-400 miles is better.
– 63% of EV experts say their main reason for wanting EVs is to meet net-zero goals and lower their carbon footprints.
– 55% of EV manufacturers are putting money into research for better battery technologies, while 78% are working on lowering the costs of EVs.
– 72% of U.S. consumers are likely or very likely to buy an EV as their next vehicle, compared to less than 31% of Japanese consumers.
For a detailed report, visit: The TCS Future-Ready eMobility Study 2025
