New findings from Electrify Research’s ongoing ‘Homeowner Electrification Tracker Study’ indicate that financial and economic benefits are set to overtake environmental benefits as the number one benefit that UK homeowners associate with electric car ownership. The study tracks around 4,000 UK homeowners every three months, and data shows that the financial and economic benefits of EV ownership are becoming more and more realised by the general public.
UK homeowners have traditionally seen environmental benefits as the biggest draw of EV ownership, but financial motivations are rapidly catching up. In fact, the proportion of consumers primarily associating EVs with financial and economic benefits has risen 26 percentage points to 43% in recent years. That shift is only set to continue, with Electrify Research forecasting that financial and economic benefits will overtake environmental ones as the primary perceived benefit of EV adoption by early 2027.
Despite the environment evidently becoming less of a motivator towards EV adoption, that still doesn’t discount the fact that EVs remain significantly greener than their fossil fuelled counterparts – with various life cycle assessments showing this, including a recent study from the International Council on Clean Transportation which indicates that the typically higher production emissions for EVs can be offset after only 17,000 kilometres of driving – a fraction of the car’s expected lifetime mileage.
However, this new research shows that costs are increasingly at the forefront of consumer’s minds when it comes to UK EV ownership. That rise over the last few years is no surprise, coinciding with a number of changes, including the introduction of the ZEV mandate, the Electric Car Grant, along with a wider selection of EVs on the market than ever – with an increasing number of affordable models, too. The more recent unpredictable changes in oil prices are also feeding increased EV interest – though it’ll be a couple of months until we see what effect that has on research such as the Homeowner Electrification Tracker Study.
Ben Marks, MD of Electrify Research, commented:
“This is not a blip. It’s not really that the environmental case for BEVs has weakened, it’s just become displaced – less ‘top of mind’ – as consumers start to appreciate the financial benefits of ownership. For everyone in the auto industry this data should prompt a serious rethink. It’s a structural change. At the very least it should be reflected in messaging, but the true implications are strategic rather than tactical.”
