Juniper Research: High Price of Electric Vehicles Deters Over 60% of UK and US Potential Buyers, New Juniper Research Survey Finds

A new Juniper Research survey has found that 66% of UK respondents and 61% of US respondents are discouraged from adopting electric vehicles due to their high purchase price.

It noted that electric vehicles must demonstrate lower running costs compared to traditional vehicles to justify the initial expenditure. 

Electric vehicles replace internal combustion engines with electric motors and batteries.     

Mobility Schemes Must Incorporate Electric Vehicles

The survey found that only 5% of UK and US respondents currently use an electric vehicle, with Tesla proving the most popular. It noted that further consumer education is needed to boost market adoption, with the integration of electric fleet vehicles within MaaS (Mobility-as-a-Service) solutions key to improving user familiarity. 

Juniper Research’s recent MaaS research found that mobility schemes which determine the best route and price across end-to-end transport services will save consumers $10.5 billion in fuel costs by 2027; boosted by the use of electric vehicles. Accordingly, MaaS vendors must incorporate electric vehicles to maximise environmental benefits and subsequently, adoption. 

Improved Battery Technology – Key to Market Growth

The research found that 48% of UK respondents and 47% of US respondents would be encouraged to use an electric vehicle if the lifespan of vehicle batteries were increased.  

Research author Scarlett Woodford remarked: “Vehicle manufacturers must invest in battery technology; focusing on performance improvement and range extension, whilst decreasing cost. This will facilitate lower production costs, enabling electric vehicles to offer a more competitive value proposition versus internal combustion engine vehicles.”

As part of this survey, Juniper Research interviewed 1,000 adults in the US and 1,000 adults in the UK during July 2022.