2 in 3 Consumers Want EVs Next: TCS Reveals Shocking Insights!

The revolution of the electric vehicle (EV) is gaining more and more momentum, and a recent research paper by Tata Consultancy Services (TCS) has revealed some really important and interesting consumer preferences and industry trends.

According to the TCS “Future-Ready eMobility” 2025 study, 64% of consumers are likely or very likely to choose an EV as their next vehicle. This transition is fueled by sustainability objectives, improved efficiency of the operations, and innovations in EV technology. But issues related to charging infrastructure and battery technology strides are the biggest hindrances to this shift.

Now, we will take a closer look at the principal findings and what this research tells us about the electric mobility future.

Nearly Two Thirds Prefer EVs as Their Next Vehicle: TCS Survey Identifies the Most Vital Points on Electric Mobility Future

Key Findings from the TCS Study

The research was conducted on over 1,300 respondents, including among others consumers, manufacturers, fleet adopters, and recently the EV influencers from the different places of the planet such as North America, Europe, APAC (including India), and the UK. Among the points issued were the following:

• Consumer Interest in EVs: 64% of consumers are likely to opt for an EV for their next vehicle.72% of US consumers have accepted the new idea which is much more than their Japanese counterparts with only 31% 41% of consumers prefer an EV range of 200-300 miles after being full, conversely 31% of them prefer their EV to be capable of going as far as 300-400 miles before they need the next charge.
• 64% of consumers are likely to choose an EV for their next vehicle.
• 72% of US consumers are open to EVs, compared to only 31% in Japan.
• 41% of consumers expect an EV range of 200-300 miles per charge, while 31% prefer 300-400 miles.
• Challenges in EV Adoption: In a recent survey carried out on industries and energy to gauge the newly emerging batteries used in electric vehicles, the survey showed that of the respondents, 74% of manufacturers considered the lack of charging infrastructure to be a significant obstacle to the growth of EVs, and 60% of consumers also referenced it as their main concern.
• 74% of manufacturers believe the lack of charging infrastructure is the biggest obstacle to EV growth.
• 60% of consumers also cited charging infrastructure as a major concern.
• Battery Technology and Innovation: New battery technologies and rapid advancements in those processes are predicted to have the biggest impacts on the electric vehicle industry in the years to come. The results of a recent study on battery technology, that 90% of EV manufacturers and 84% of EV influencers agree that advancements in battery technology will significantly impact EV design and performance, also companies will be able to monetize the technology, both in fiscal and in environmental terms. On the other hand, 55% of manufacturers showcased their readiness to deploy R&D technologies to deliver cost-effective and highly functional batteries. For 78% of the companies, the decrease in vehicle costs is a major point of focus.
• 90% of EV manufacturers and 84% of EV influencers agree that advancements in battery technology will significantly impact EV design and performance.
• 55% of manufacturers are investing in R&D for better battery technology, while 78% are working to reduce vehicle costs.
• Sustainability and Cost Benefits: Increased flexibility, technological innovations, proactive government policies, shifts in customer habits, increased competition, and an enhanced attitude towards sustainability are among the main drivers that inspire EV companies, manufacturers, users, and renters in the transportation industry to take steps to sustain the electric vehicle environment. Corporates/practices that finger out and act on your/energy’s carbon footprint are 63% of influencers. Whereas 53% of fleet adopters see lower operating costs as a benefit for EVs.
• 63% of EV influencers are motivated by net-zero goals and reducing carbon footprints.
• 53% of fleet adopters prioritize EVs for their lower operational costs.
• Market Trends: 72% of EV charging infrastructure players anticipate significant mergers in the EV space due to financial and scaling challenges.Rising fleet congestion in developing countries and air pollution are pushing adoption faster. These trends have led commercial fleets to be more open to having electric vehicles (EVs) introduced to their fleet in the place of traditional internal combustion engine (ICE) vehicles.
• 72% of the players engaged in EV charging infrastructure have predicted that there will be significant mergers in the EV space due to financial and scaling challenges.
• Further, compared to traditional internal combustion engine (ICE) vehicles, commercial fleets are more interested in spending more money on EVs.
• Environmental conservation: The environment is gradually becoming the top priority for both customers and businesses. The importance of electric cars as a means of reducing CO2 emissions and achieving zero emissions has been increasingly recognized and accepted. Nevertheless, 48% of influencers of EV think that electric cars might not always be as eco-friendly as they seem, with 10% among them even raising the possibility of them being one of the negative factors for the environment.
• Lower Maintenance Costs: The cost savings along with EVs mean the reduction in fuel and maintenance expenses. This, in fact, has been a primary reason for the adoption of EVs by commercial fleets.
• Charging Infrastructure: The scarcity of charging stations that are available everywhere and that work promptly remains a top obstacle. Both, consumers and manufacturers, are of the same view that this bulk charging is the most prominent limitation to the EV technology adoption process.
• Battery Technology: While there is some progress, increasing the battery range, charging speed, and cost efficiency are important for mass adoption.
• Consumer Expectations: Quite a few are still hesitating about the range and EVs initial purchases, but most of them are afraid of the range anxiety and they fear that the vehicle will be too expensive.
• Using Battery Management System (BMS) software to monitor the charge status of more than 500,000 EVs throughout the world.
• The business has set up EV charging stations in more than 75 countries.
• By the way, they have already engaged deep learning-based AI and generative AI technologies to help improve customer experiences and to enhance the decision-making process.