New research and data from Adevinta, the leading online classifieds group in Europe, reveals a significant increase in the availability of electric vehicles (EVs) in the European market. In the first half of 2023, EV listings on Adevinta’s mobility marketplaces across five European markets saw a 94% year-on-year increase, indicating a growing interest in both new and used EV models.
A recent survey commissioned by Adevinta of over 5,000 European consumers further confirms the rising demand for more sustainable vehicles. Of those looking to buy a new vehicle in the next twelve months, 40% expressed their preference for an EV or hybrid car. Additionally, 37% are now more likely to consider purchasing an EV compared to a year ago. However, despite the increasing availability and interest, the volume of searches for EVs dropped by 6% compared to the previous year, suggesting that demand is not keeping up with supply.
One major barrier that continues to hinder EV adoption is the perceived high cost. More than half of the surveyed consumers cited the high price tag as the main obstacle preventing them from buying an EV. Ajay Bhatia, Head of Adevinta’s global mobility portfolio, acknowledges this challenge and emphasizes the need for better understanding of finance and ownership models that can make EV adoption more affordable.
In response to the cost pressure, over a third of European consumers (35%) expressed willingness to consider purchasing a second-hand EV as their next car. Adevinta’s platform data reveals that the average price of a used EV in the first half of 2023 was 28% cheaper than a new one. This highlights the potential of the second-hand market in facilitating the transition to greener forms of mobility.
While cost remains a primary concern, consumers also identified the limitations of long-distance travel on a single charge (39%) and the lack of fast charging infrastructure (35%) as key barriers to wider EV adoption. Additionally, a notable percentage (23%) expressed skepticism regarding the environmental benefits of EVs.
Addressing these challenges requires the education of consumers and the provision of accurate and accessible information specific to EVs. By helping consumers better understand the financial aspects and providing solutions that fit their budget and lifestyle, car manufacturers, dealers, and marketplaces like Adevinta can support and encourage the transition to electric vehicles.
Frequently Asked Questions (FAQ)
1. What is the main barrier preventing consumers from buying an electric vehicle?
More than half of the surveyed consumers (56%) consider high price tags as the primary obstacle preventing them from purchasing an electric vehicle.
2. Are there any alternatives to buying a new electric vehicle?
Yes, over a third of European consumers (35%) are open to considering second-hand electric vehicles, as they are 28% cheaper on average compared to new ones.
3. What are the key concerns that hinder wider electric vehicle adoption in Europe?
Consumers identified the inability to travel long distances on a single charge (39%) and the lack of fast charging infrastructure (35%) as major barriers. Additionally, a percentage of consumers (23%) expressed skepticism about the environmental benefits of electric vehicles.
4. How can car manufacturers and marketplaces support consumers in adopting electric vehicles?
By providing education, accurate information, and affordable finance and ownership models, car manufacturers, dealers, and marketplaces can help consumers overcome barriers and make sustainable choices that fit their budget and lifestyle.
Note: The information in this article is based on research and data provided by Adevinta, the leading online classifieds group.