ACCELERATING THE EVOLUTION
Castrol has commissioned a report that looks at the road to mainstream EV adoption
Electric vehicles (EVs) will revolutionise mobility across the globe and play a pivotal role in the decarbonisation of economies worldwide.
While EV sales have been rising steadily, mainstream adoption still remains a long way off: just one in 50 new cars sold globally is an EV.
To better understand the factors with the potential to underpin EV growth, Castrol has commissioned a report into the future of the EV industry.
Exploring the views of nearly 10,000 consumers, fleet managers and industry specialists across eight of the world’s most significant EV markets, Castrol’s study, titled ‘Accelerating the EVolution,’ found that achieving a $US36,000 price point, a 31 minute charge time and a 469km range would rapidly accelerate the global market for EVs.
This study also revealed that meeting these ‘tipping points’ could present a $US376 billion opportunity for annual EV sales across the eight markets captured in the study alone by as early as 2025.
“Even in these uncertain times, the automotive industry is rising to the critical challenges highlighted in our research,” Castrol Chief Executive Officer, Mandhir Singh, said.
“EVs that meet at least one of the tipping points for price, charge time or range are already on the market.
“With the industry’s inspiring response to the coronavirus crisis demonstrating what we can achieve, and EV technology constantly improving, the challenge now will be to accelerate evolution as quickly as possible to contribute to one of the most important critical challenges of all: decarbonising our economy.”
For more insights on EV adoption, and to access the full “Accelerating the EVolution” report, visit www.castrol.com.au/ev