MUMBAI: It’s an electrifying report which tells us so much about consumer attitudes towards electric vehicles (EVs). Tata Consultancy Services (TCS) Future-Ready eMobility Study 2025 is filled with info nuggets to help those in the EV ecosystem to take some tips from it.
The study, conducted across 18 countries and 1,300 respondents, explores consumer preferences, industry challenges, and the roadmap to sustainable mobility.
Key Findings:
* Consumer adoption: 64 per cent of global respondents are likely or very likely to choose an EV for their next vehicle. Younger demographics (18–35 years) show the strongest interest.
* Barriers to rowth: Charging infrastructure, cost, and range anxiety remain significant hurdles, with 74 per cent of manufacturers citing infrastructure as the biggest obstacle.
* Budget constraints: Most consumers are willing to spend up to $40,000 on an EV, reflecting concerns about affordability. Only five per cent are open to paying a premium compared to internal combustion engine (ICE) vehicles.
* Sustainability and costs: 63 per cent of EV influencers cite environmental sustainability as the primary motivation for adoption, while fleet adopters prioritise operational cost reductions.
* Technological advances: Battery technology improvements are identified by 90 per cent of manufacturers as critical for enhancing range and charging speed. However, 70 per cent anticipate breakthroughs to take two to three years or more.
Regional Insights:
* U.S. consumers lead in EV interest, with 72 per cent likely to consider an EV, compared to 31 per cent in Japan.
* Hybrid EVs (HEVs) are emerging as a transitional preference, especially among older demographics.
Industry
Challenges and Strategies:
* Collaboration needs: Significant consolidation is expected among EV charging infrastructure companies, driven by scaling challenges. Partnerships with retail, government, and energy sectors are critical.
* Environmental concerns: While EVs are seen as pivotal for sustainability, nearly 48 per cent of influencers believe their environmental impact is neutral, citing concerns over battery production and disposal.
* R&D investments: Manufacturers are heavily investing in affordability and battery technology, with a focus on reducing costs and enhancing vehicle performance.
TCS president of manufacturing Anupam Singh said:“The EV industry is at a crossroads, navigating complexities while maintaining momentum. TCS is committed to leveraging AI and generative AI to drive smarter decision-making and sustainable transportation.”
The report underscores that while EV adoption is accelerating, overcoming infrastructure and technological barriers will require collaborative innovation and systemic changes.
(Picture courtesy: TCS Future-Ready eMobility Study 2025 )
