Globally, the EV market has made impressive gains in the last few years, but much of this growth comes with a hidden cost: government-funded incentives.

As EVs become cheaper to produce and the purchase premium continually falls, incentives and price will be less dominant in the consumer purchase decision, but cost is only one of many factors that play an important role in the purchase decision.

Barriers to purchasing include range anxiety, styling, lack of charging infrastructure, and sustainable production of EV components. These concerns are beginning to come to the front of consumers’ minds and influence purchase decisions, causing them to continue buying conventional (ICE) vehicles even when price is not a primary driver.

In this report, key outcomes are highlighted from over 3,600 consumers in critical global markets, resulting from SBD’s 2021 global EV survey.