EV Consumer Behavior

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EV Consumer BehaviorJUNE 2021Ricardo Inc. Detroit Technical Center Van Buren Twp., MI 48111 USA 2021 Fuels Institute Disclaimer: The opinions and views expressed herein do not necessarily state or reflect those of the individuals on the Fuels Institute Board of Directors and the Fuels Institute Board of Advisors or any contributing organization to the Fuels Institute. The Fuels Institute makes no warranty, express or implied, nor does it assume any legal liability or responsibility for the use of the report or any product or process described in these Strategic Consulting ( Ricardo ) conducted a literature review to better understand how and where consumers drive and recharge their electric vehicles (EVs) and what they would like to experience while recharging in terms of site design, amenities, capabilities, and has also analyzed existing literature to both understand current Consumer Behavior and anticipate how it could evolve over the next 10 years as more consumers purchase EVs.

• Total cost of ownership (TCO) and payback period are the key drivers in a business’ decision involving adoption of EVs in their commercial fleet. • Affordability, availability, and familiarity appear to be amongst the key factors influencing likelihood of EV purchases.

  Cost, Total, Ownership, Total cost of ownership