Almost 40% of European High-End Buyers Are Looking to Purchase Their First Electric Vehicle in the Next 12 Months-If the Product Experience Is Right

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Aug 28, 2024, 00:01 ET

A New Wave of High-End Buyers Is Ready to Make the Change From Internal Combustion Engines If Their Needs and Concerns Are Addressed
Charging Experience and Range Are the Biggest Hurdles to Adoption
Charging and Range Concerns Significantly Lower for Those Who Have Driven a Battery Electric Vehicle
Safety, Comfort, and Sustainability Are the Key Purchasing Criteria, along with the Digital and Tech Experience

BOSTON, Aug. 28, 2024 /PRNewswire/ -- After a slowdown in the European battery electric vehicle market, a new wave of high-end buyers shows potential to drive a recovery. Thirty-eight percent of high-end consumers looking at a car purchase of €80,000 or more within the next year are considering a battery electric vehicle. Among these prospective buyers, 64% would choose an electric vehicle over an internal combustion engine alternative if the models offered the same specifications. However, to capture this growing segment, electric vehicle manufacturers must prioritize addressing customer needs and alleviating key concerns. These are among the findings of a new Boston Consulting Group (BCG) study, Europe's High-End Buyers Rethink EV Ownership, released today.

The study is based on a survey of more than 5,000 prospective auto purchasers in five major European markets, Germany, France, the UK, Italy, and Spain. Of these, 20% were in the high end, premium plus, and luxury price segments.

"Electric vehicle manufacturers have a unique opportunity to attract a new wave of high-end consumers," said Kathrin Pannier, BCG partner and managing director, and co-author of the report. "To succeed, they must offer electric vehicles with the right specifications and features at a competitive price point. These consumers are keen to explore the electric vehicle market, but they are also digitally savvy and value driven."

Charging time and charging experience are the primary obstacles to adoption, with 46% of the respondents worried about lack of high-speed chargers, long waiting times, and the cost of installing private chargers. Range is a concern for 44% of respondents, particularly regarding battery predictability and its performance in cold weather. However, these concerns fall significantly among those who have already driven a battery electric vehicle--by 24% for charging time and 34% for range.

Overall, safety and comfort, sustainability, driving performance, and the digital experience are the key purchasing criteria for these high-end buyers.

Download the publication here: https://www.bcg.com/publications/2024/europes-high-end-buyers-rethink-ev-ownership

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SOURCE Boston Consulting Group (BCG)