Millennials are the most open to EVs, with the 25-34 demographic most likely to purchase (91% said they would consider). Younger households are more likely to rent privately, with those in the 25 to 34 years age group representing the largest group. This is the same age group as the major occupiers of PRS – a recent government study shows 44% of PRS tenants are aged under 35. This means an implied demand for EVs and a need for EV charging infrastructure. However, the challenge is that it is not feasible for each parking space an EV charge point and therefore the traditional model of overnight trickle charging will not attract utilisation and fair distribution of the facilities across the tenants.
Three distinct purchasing groups emerged in research carried out by Cleantechnica and shows that EV demand is being driven by the younger generations making it a strong match to the core PRS demographic:
- 18-24-year olds who are open and interested in EVs.
- 2 out of 3 are interested in EVs.
- Fewer than almost 9/10 say they wouldn’t consider an EV purchase.
- Style of an EV is all-important to over half of them.
- 25-54-year olds are not averse to EVs, but they do have distinct concerns. This audience is most likely to choose the EV compromise of a hybrid.
- 55+ year olds who are significantly harder to convince:
- Over half of over 55s (54%) term EV technology as experimental.
- 7 out of 10 deem it unproven.
- Even with improvement in EV technology, less than a third (28%) would consider buying an EV.
From this research, Lower running costs (63%) and being better for the environment (64%) were the biggest benefits for two thirds of the audience overall, with the latter being most important for an under 25 audience and the former for the over 25s. However, performance is not an issue, with just 20% saying they believe performance be a barrier to purchase.
Research shows that PRS tenants are driven by costs saving measures. As the cost of EVs decrease, more availability of EV leasing packages and the overall lower cost of ownership, it is predicted that there will be a significant uptake of EVs in this market. This demand will ultimately need access to EVCPs at home as this is where it is most convenient to charge up their EV.
- EVs are cheaper to run and to maintain – through lower “fuel” costs, tax savings and incentives
- Better access, with increase in ULEZ’s around the country restricting and penalising ICEs while EVs and PHEVs are unaffected
- EVs are better for the environment – there is no air or noise pollution when compared to ICE vehicles and gain green credentials
- Home charging means that the driver will never need to go to a petrol station again
- EVs are quiet and quick
- All pricing is transparent and clear
While enthusiasts have taken to EVs, the current policy environment and mixed messaging on conventional fuels (especially diesel) could fail to convince those beyond the ‘early adopters’ to switch to zero emission vehicles. In a recent AA poll, 80% of people surveyed who did not own electric vehicles said they were concerned about the lack of charging points. Therefore, a key aspect of successful EVCP installations in the PRS context is around education and consumer awareness. “Range anxiety” reflects a key concern about batteries in electric cars losing power before reaching a destination or charging point. It is among the most common perceived disadvantages of electric vehicles but not the main. new research reveals, as gaps of information (34%) are a key barrier to EV adoption. It turns out that lots of people have very low awareness of EVs (18%) but also have a high appetite to find out more (59%).
Over a period of three months, What Car? surveyed how 9,000 consumers rated their understanding of electric vehicles as they researched the technology. Buyers rated their initial knowledge at an average of 2.7 out of five during the first 10 days, rising to 3.4 after 10 days of research. However, understanding fell to 3.3 after a month of research, suggesting some respondents came across confusing or conflicting information. After three months, the average understanding peaked at 3.8.
By comparison, What Car? found buyers rated their initial understanding of both petrol and diesel cars at 3.8 – meaning it takes three months of research for potential EV buyers to close the knowledge gap they have on EVs in comparison to petrol and diesel vehicles. What Car?’s research also found that EV cost, not range, is the biggest barrier for buyers. Range was the second-largest concern for buyers, with 28% put off by the reduced flexibility compared with petrol and diesel, even though 10% would be able to drive an EV without making changes to their lifestyle. A further 15% said they were concerned about charging opportunities and infrastructure, while 16% wished for a larger selection of electric vehicles to choose from before buying one.
However, Urbanites in particular see the electric vehicle benefits People who live in or near cities are more positive about electric cars than those in rural areas. For instance, 41% of Londoners say they will consider buying a 100% electric car the next time they purchase a car, compared to a national average of just 30%.
Benefits of EV Charging to building owner
A flexible EV charging solution has a number of direct benefits to building owners:
- EV charge point free of charge including installation and maintenance with a lease income
- Charge for electricity if you choose through the EconetiQ delivery model
- Implement pricing policies that can make it a self-paying investment or even an additional revenue source
- Restrict access and set pricing by driver groups, time of use and other criteria
- Track costs, revenues and energy savings
- Measure ROI and environmental metrics with reports and analytics
- Best in class technology
- Enjoy a completely turnkey and hassle-free solution with managed services and 24/7 driver support
Offer a superior charging experience for your EV drivers, with real-time availability via mobile app and premium features like Reservations Installing smart EV charging stations is good for business. EV charging stations are a visible testament to your sustainability commitment that will inspire your employees and customers every single day.