Why Some People Buy EVs and Others Don’t: A Consumer Perspective

Why Some People Buy EVs and Others Don’t: A Consumer Perspective

Key Takeaways:

• EV adoption follows a well-known technology adoption curve, from innovators to laggards.
• Key factors in purchasing decisions include capital costs (CAPEX), operating costs (OPEX), value, and risk.
• Early adopters prioritise sustainability, technology, and lower fuel costs, while late adopters hesitate due to range anxiety, high initial costs, and resale value concerns.
• Government incentives help mitigate the financial risk of buying an EV.
• Charging infrastructure and reliability issues remain major barriers for some consumers.
• EV adoption is accelerating globally, with China leading and traditional carmakers committing to an electric future.

The EV Adoption Curve: A Matter of Timing

The decision to buy an electric vehicle (EV) isn’t just about being “pro-environment”—it’s a mix of financial, technological, and personal lifestyle choices. Everett Rogers’ technology adoption curve explains why some people jump on the EV bandwagon early, while others prefer to wait.

Innovators and early adopters buy EVs because they love new technology, value sustainability, and enjoy the low cost of operation. However, the early majority and late majority are more pragmatic—they wait for price reductions, better infrastructure, and greater reliability. Finally, laggards, the last group to switch, tend to hold on to traditional petrol and diesel cars until there are no alternatives left.

What Makes People Buy EVs?

When evaluating a car purchase, consumers weigh four key factors:

1. Capital Expenditure (CAPEX) – The upfront cost of purchasing an EV versus a petrol car.
2. Operating Expenses (OPEX) – The cost of fuel, maintenance, and overall running costs.
3. Value – Personal satisfaction, environmental concerns, technology features, and driving experience.
4. Risk – Concerns about battery longevity, resale value, and charging accessibility.

For many EV buyers, lower running costs and environmental benefits outweigh the high purchase price. However, for those who drive infrequently or have concerns about resale value, petrol or hybrid vehicles still seem like the safer choice.

Why Some Consumers Hold Back

Despite growing adoption, some potential buyers remain sceptical. Key reasons include:

• Range Anxiety: Fear of running out of charge on long journeys, especially in areas with limited charging stations.
• Charging Infrastructure: Unreliable or insufficient public charging points make EV ownership less convenient.
• Upfront Costs: EVs are often more expensive than petrol cars, even though long-term savings on fuel and maintenance can balance this out.
• Resale Value Concerns: The rapid pace of battery advancements means older EV models depreciate faster than traditional cars.
• Service & Repair Issues: Some car brands still struggle with after-sales support, leaving customers waiting months for repairs.

The Global Shift Towards EVs

Despite some hesitancy, the trend is clear—EV sales are rising globally, with China leading the way. Bloomberg NEF forecasts that 22 million EVs will be sold worldwide in 2025. The global automotive industry is shifting, with traditional manufacturers like Ford, GM, and Toyota increasingly investing in EV technology.

In Norway, EVs already make up nearly 100% of new car sales, and China is expected to reach full electrification by 2030. Meanwhile, some countries still lag behind due to slower infrastructure development and political opposition.

The Future: An Inevitable Transition

Whether someone buys an EV today or waits a few more years depends on their individual calculations. However, as prices fall, infrastructure improves, and governments push for net-zero targets, EV adoption will continue to accelerate.

For those still on the fence, the question is no longer “if”, but “when” will they make the switch. 🚗⚡