64% of consumers may pick EV as their next vehicle, finds TCS global study
Highlights that 60% of consumers say charging infrastructure was a major challenge, 56% were ready to pay up to $40K for an EV
Hyderabad: A new study by Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, reveals that more than 6 out of 10 (64%) consumers are likely or very likely to consider an electric vehicle (EV) for their next purchase.
The TCS Future-Ready eMobility Study 2025, a comprehensive report on how EVs are shaping the future of sustainable mobility, also highlights that while 60% of consumers said charging infrastructure was a major challenge, 56% were ready to pay up to $40K for an EV.
Sustainability and lower operational costs were key factors driving EV adoption, according to the study. While consumers and influencers highlighted a clear motivation for EV adoption as ‘environmental sustainability’, the environmental benefits did not match the expectations of many EV influencers.
Nearly 48% EV influencers said EVs increase the overall carbon output just as much as they reduce it, with 10% even saying EV adoption is negatively impacting the environment.
Commercial fleets maintain a positive outlook towards electric mobility, with a sizable percentage—53%—pointing to reducing operational costs as a primary motivation. Fleet adopters were willing to pay a premium for EVs than for traditional internal combustion engine (ICE) vehicles.
Earl Newsome, Global Chief Information Officer, Cummins, said, “The future of mobility is electric, connected, and sustainable—a transformation that will redefine industries and communities alike.”
Despite the growing interest in EVs among consumers, significant challenges remain, particularly in the areas of charging infrastructure and technological advancements.
While 74% of EV manufacturers said the lack of appropriate charging infrastructure remains the biggest obstacle limiting growth in the EV market, 55% have already started investing in innovation for battery technology advancements. Nearly 78% are making investments to reduce vehicle costs to cater to growing demand for EVs.
Anupam Singhal, President, Manufacturing, TCS, said, “The electric vehicle industry is at a defining crossroad, navigating the complexities of scale and transformation. While nearly two-thirds of consumers are open to choosing electric for their next vehicle, manufacturers face challenges like advancing battery technology, complex vehicle designs, and production economics.”
The survey indicates that 90% of manufacturers believe that improvements in battery technology will enhance range and charging speed and will significantly impact the design and performance of EVs in the near term compared to other technological advancements.
