To achieve mass adoption, the average electric car will need to offer 31-minute charging, 291 miles of range, and a base price of $36,000. Those three factors comprise a global tipping point for EVs, according to a new study commissioned by oil company Castrol, which is looking to sell so-called “e-fluid” lubricants for EVs.
Findings are based on surveys of 9,000 consumers, 750 fleet managers, and 30 automotive industry professionals in 8 countries—the United States, United Kingdom, Norway, France, Germany, India, China, and Japan.
Consumers surveyed ranked price as the most important factor in the potential purchase of an electric car, followed by charge time and range. Most car buyers seem to expect some breakthrough in battery technology soon, as 61% are adopting a “wait and see” approach, according to the study.
Fleet managers appeared cautious as well. While 58% said they felt “personally motivated” to go electric due to potential environmental benefits, 54% are waiting for competitors to make the switch before they do, according to the study.