Electric vehicles (EVs) are no longer a niche market in Europe. The region is undergoing a massive shift in consumer attitudes and market dynamics, but some challenges remain.
A recent McKinsey survey of 36,954 car buyers across France, Germany, Italy, and Norway looked at EV price points, charging infrastructure, and battery concerns.
Europe’s EV market
EVs now account for 16% of all new car sales. This is a slight increase from data collected in 2019.
European brands like BMW, Mercedes-Benz, and Volkswagen are still firm favorites. However, the EV market is also seeing an influx of Chinese, Southeast Asian, and American auto brands.
A third of respondents (33%) say they are considering buying a Chinese brand. While Chinese brands offer good value for money, concerns raised during the survey include product quality and data security.
Since these vehicles feature cutting-edge tech, the perception of Chinese EV brands will likely continue to shift in the coming months.
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Concerns in Europe
The survey found that more mainstream buyers are now considering EVs. But despite the recent market expansion and interest in EVs, certain concerns remain.
Potential buyers are worried about:
- High purchase prices
- Insufficient battery driving range
- Battery lifetime concerns
EV costs
The cost of EVs was the biggest issue (37% of respondents).
The report states: “With Chinese brands, consumers generally expect the purchase price to be lower than that of similar offerings from domestic brands. About half of European respondents say that they would only consider purchasing a Chinese EV if its price was at least 15% below that of a similar domestic model.”
Charging infrastructure
Europe’s EV charging infrastructure is far from perfect. More than 75% of prospective buyers want public charging times under 30 minutes to boost battery power from 20% to 80%.
An earlier survey by McKinsey showed an estimated 3.4 million public chargers will be needed by 2030 to meet climate targets.
But it’s happening too slow. At this rate, 6,000 new charging points must be installed per week.
Battery concerns and range anxiety
A fair number of respondents are also concerned about driving ranges – 36% indicated that longer driving ranges would influence their decisions. On average, buyers are seeking around 500 kilometers per charge.
Only 42% of existing battery electric vehicle (BEV) owners in Europe are satisfied or very satisfied with their car’s real driving range.
When it comes to fast charging, Huawei is outperforming Tesla in China. It’s predicted that by 2028, more than 60% of vehicle models on the market will support ultrafast charging.
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About the author
Cheryl has contributed to various international publications, with a fervor for data and technology. She explores the intersection of emerging tech trends with logistics, focusing on how digital innovations are reshaping industries on a global scale. When she's not dissecting the latest developments in AI-driven innovation and digital solutions, Cheryl can be found gaming, kickboxing, or navigating the novel niches of consumer gadgetry.
