64% of the world’s customers, including India, ready to buy EVs, charging infrastructure a big challenge

New Delhi| 64 per cent of consumers around the world, including India, are ready to buy electric vehicles (EVs) as the next vehicle. However, 60 per cent consider the charging framework to be a major challenge. According to a study by Tata Consultancy Services (TCS), 56 per cent are willing to pay up to $40,000 (Rs 35 lakh) to buy an EV. 72 percent of people in the U.S. have expressed a desire to buy an EV as the next vehicle.

The study is based on conversations with more than 1,300 people from countries including the US, Canada, UK, Denmark, Finland, France, Germany, Netherlands, China and India, among others. These also include vehicle manufacturers and companies installing charging infrastructure.

90 per cent of manufacturers believe that improvements in battery technology will increase the range and charging speed of e-vehicles. This will also have an impact on the design and performance of EVs in the near future. Low availability of charging frameworks remains the biggest bottleneck limiting EV market growth, said 74 percent of manufacturers. Anupam Singhal, President (Manufacturing), TCS, said the EV industry is at a decisive crossroads, highlighting the complexities of change.