Strategy Analytics Identifies Driving Forces and Barriers for EV Adoption

August 19, 2021

New Research Reveals Insights on How to Influence EV Buyers

BOSTON–(BUSINESS WIRE)–Strategy Analytics announces insights on action for Influencing EV Buyers in China, the US, and UK. (https://marketing.strategyanalytics.com/l/918723/2021-08-18/71lr)

“The coming global wave of EVs consists of four major consumer segments with different motivations and barriers for adoption,“ said Harvey Cohen, President, Strategy Analytics. “The driving forces creating the upward EV trend are clear but consumers must be motivated to overcome “Charging Anxiety” and the “EV Price Premium” before widespread adoption will occur.”

Joy Ganvik, Vice President, Consumer Insights Practice, noted, “Our research shows there is the presence of these four segments (Concerned Traditionalists, Urban EcoTech, Driving Passion, and Eco Utility) in China, the UK, and the US in different proportions. The greater the existence of the traditional love affair with the car (Driving Passion), the lower the incidence of early adopters. As seen in the included chart, China has a low incidence of Driving Passion (8%) and much higher incidence of Eco Utility which accounts for the accelerated development of the EV market there.”

Ian Riches, Vice President for Strategy Analytics’ Global Automotive Practice commented, “This research provides additional insights into the long run potential for EVs as well as the persistence of demand for hybrid vehicles over the intermediate term.”

“Strategy Analytics will be doing additional analysis of consumer demand for Electric Vehicles as well as analysis of consumer behavioral analysis for Autonomous Vehicle capabilities later this summer,” said Harvey Cohen.

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Source: Strategy Analytics, Inc.

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