In the new study conducted by Castrol And bp pulse “Turn on the REVolution: The road to EV preparedness for markets, car manufacturers and consumers“It turns out that almost all the leaders of the automotive sector interviewed (97%) she declared herself confident to succeed scarinspect the timing of the completion of the production of internal combustion engine (ICE) vehicles; indicated by their respective governments. Nevertheless, the process that makes it possible to reach this milestone is not yet clear: in the survey, only 40% of respondents believe that their business is ready for the transition from ICE vehicles to electric vehicles.
However, the study reveals that Car manufacturers are committed to addressing this challenge: Nearly two-thirds (66%) of surveyed car industry leaders say transition is the highest strategic priority for their business. An aspect that is also reflected in the gradual change in R&D expenditure. The survey showed that only about 11% in 2015 were destined for 100% electric vehicles. Today, this figure has almost doubled to 21%. Industry executives predict it will hit 31% by 2025, which would mean an almost triple increase in 10 years. If hybrid cars are also taken into account, the interviewed managers predict that by 2025, over 70% of R & D spending will be on electric and hybrid cars *.
Users are also changing their mindset: 53% of respondents are considering choosing an electric car as their next car. For people who have already switched to electric, this percentage even rises to 99%.
Factors that accelerate the transition
Most respondents believe that governments play a key role in the transition to electric mobility. According to 63% of car makers who took part in the survey, government-imposed targets for phasing out ICE car production are the key factor in speeding up the industry’s transition. 57% claim that zero emission targets are also an important driving force.
The study shows that the main factors to motivate current owners of ICE and hybrid cars to switch to electric are: to help reduce air pollution in urban areas (for 74% of respondents); ensure lower vehicle administration costs (for 72%) and the belief that the consumption of electric cars is lower as they can be recharged at home (for 70%). Price concerns are also declining: more than half of respondents (57%) believe that the total cost of an electric vehicle – given taxes, fuel and maintenance costs in addition to the original purchase price – is lower than a similarly powered vehicle, petrol or diesel.
The words of Nicola Buck, SVP Marketing bp and CMO Castrol
“We are in an exciting phase for the automotive sector and working with industry partners to help advance the next generation of technologies and accelerate the transition to electric vehicles. The transport world is becoming electric and fluids such as Castrol ON EV and bp pulse charging solutions will play a really important role ”.
Obstacles on the road to widespread use of electric cars
According to the research, the biggest obstacle slowing down the industry’s transition to electric vehicles is the high battery cost, which worries 56% of the automotive sector managers surveyed, followed by the availability of charging infrastructure (43%) and the lack of staff with adequate technical skills (40% ).
Users also share concerns about the charging infrastructure. Nearly three-quarters (74%) of non-electric car respondents believe that ultra-fast charging and charging infrastructure are still not widespread enough. The second biggest obstacle is represented by fear of autonomy: 71% of respondents are convinced that the autonomy of electric cars is lower than petrol or diesel vehicles, to the detriment of long-distance travel. Although the majority agree that the total cost of owning an electric car is lower than for an internal combustion car, many (69%) are still surprised by a perceived higher price in advance.
Turn on the rev
To accelerate the transition to electric cars, the players in the sector of which Castrol and bp pulse are a part must work in synergy to overcome the obstacles that still exist. Governments, infrastructure providers, automakers and their partners need to work closely and efficiently to improve the reliability and availability of charging infrastructure, improve battery life and vehicle range, and reduce start-up costs.
Castrol is committed to working with industrial partners to accelerate the transition and help create an electric future. The use of Castrol ON EV fluids gives electric vehicles greater autonomy1recharge faster2 and lasts longer3**. bp pulse strives to facilitate the transition to electricity by building an important public charging network and offering reliable, fast and user-friendly charging products and services.
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Last modified: June 14, 2022