• 38% of high-end buyers are considering their first electric vehicle within the next 12 months if their expectations for product experience are met.
• Charging experience and range are the biggest concerns, but these decrease significantly among those who have already driven an electric vehicle.
• Safety, comfort, sustainability, and tech features are top priorities for potential high-end electric vehicle buyers.

After a recent slowdown, the European electric vehicle (EV) market is poised for a potential comeback, driven by high-end buyers. According to a new study by Boston Consulting Group (BCG), 38% of consumers planning to purchase a car worth €80,000 or more in the next year are considering an electric vehicle.

Kathrin Pannier, BCG partner and managing director, and co-author of the report, stated, “Electric vehicle manufacturers have a unique opportunity to attract a new wave of high-end consumers. To succeed, they must offer electric vehicles with the right specifications and features at a competitive price point. These consumers are keen to explore the electric vehicle market, but they are also digitally savvy and value-driven.“

However, to tap into this interest, manufacturers must address significant concerns about charging and range. The study reveals that 46% of respondents are apprehensive about the availability of high-speed chargers, potential long wait times, and the expense of installing private chargers. Range anxiety, particularly related to battery predictability and performance in cold weather, is a worry for 44% of respondents.

Encouragingly, these concerns diminish significantly for those who have already driven an electric vehicle: by 24% for charging time and 34% for range. This suggests that familiarity and experience can alleviate some of the hesitations potential buyers face.

Related Article: Alternative Proteins Could Cut Emissions by 33% by 2050 but Lack Funding Compared to EVs: Reports Boston Consulting Group

Beyond these issues, high-end buyers prioritize safety, comfort, sustainability, and a seamless digital and tech experience in their purchasing decisions. Addressing these criteria, alongside charging and range concerns, will be crucial for manufacturers looking to capture this market segment.

For more details, read the full BCG report: Europe’s High-End Buyers Rethink EV Ownership.