Despite charging infrastructure concerns, consumers seem to be finally switching into the electric vehicle lane.
More than six out of 10 (64%) of consumers worldwide are considering an electric vehicle (EV) as their next motoring purchase.
According to a global study by Tata Consulting Services (TCS), while 60% of consumers said that charging infrastructure remains a major challenge, 56% would pay up to $40,000 (€38,888) for an EV.
“The electric vehicle industry is at a defining crossroad, navigating the complexities of scale and transformation”
Sustainability and lower operational costs were key factors driving EV adoption, according to the TCS Future-Ready eMobility Study 2025.
Accelerating a global shift
Nearly 48% EV influencers said EVs increase the overall carbon output just as much as they reduce it, with 10% even saying EV adoption is negatively impacting the environment.
Commercial fleets maintain a positive outlook towards electric mobility, with a sizable percentage—53%—pointing to reducing operational costs as a primary motivation. Fleet adopters were willing to pay a premium for EVs than for traditional internal combustion engine (ICE) vehicles.
Despite the growing interest in EVs among consumers, significant challenges remain, particularly in the areas of charging infrastructure and technological advancements.
While 74% of EV manufacturers said the lack of appropriate charging infrastructure remains the biggest obstacle limiting growth in the EV market, 55% have already started investing in innovation for battery technology advancements.
Nearly 78% are making investments to reduce vehicle costs to cater to growing demand for EVs.
“The electric vehicle industry is at a defining crossroad, navigating the complexities of scale and transformation,” said Anupam Singhal, President, Manufacturing, TCS.
“While nearly two-thirds of consumers are open to choosing electric for their next vehicle, manufacturers face challenges like advancing battery technology, complex vehicle designs, and production economics. At TCS, our Future-Ready Mobility vision focuses on creating an interconnected ecosystem powered by AI and Gen AI to drive smarter decision-making, enhanced customer experiences, and deliver scalable, sustainable solutions. By addressing these critical challenges, we are accelerating the global shift toward electrified and sustainable transportation.”
-
Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here
-
Listen to the ThinkBusiness Podcast for business insights and inspiration. All episodes are here. You can also listen to the Podcast on:
-
Spotify
-
SoundCloud
-
Apple
