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Consumer mindsets for the electric vehicles market

Consumer mindsets for the electric vehicles market

Automotive consumers across the UK have electric vehicles (EVs) front of mind as they look to make their next vehicle purchase. The Electric Vehicles market is forecast to be worth over £450 billion by 2025 and purchase consideration for EVs is at an all-time high. According to a recent Baringa UK study survey, 41% of Londoners and 47% of 18 – 34 year-olds say they would consider buying an electric car when next they buy. London is well on the way to embracing an EV economy. The causes of the rise in purchase consideration are believed to be the increasing choice of EV models available, the investment in charging infrastructure and increased awareness of air quality issues and environmental impacts.

With these factors so prevalent it is important to understand the purchase barriers for consumers and what is motivating them to breakthrough as well as the questions they are asking.

The most common considerations revolve around four main topics: range, cost, charging point availability and time to charge. To overcome these barriers brands must be able to reassure their concerns with an authoritative voice, as well as ensuring consumers associate their automotive brand with EV technology, innovation and production.

With a focus on the UK market, Starcount have conducted a study into consumer motivations in the EV market. Using the Starcount Observatory, which contains insights from over one billion global consumers and tracks how their passions, motivations and mindsets change over time, we have identified 4 key consumer motivations for purchasing an electric vehicle:

  • Tech Enthusiasts – driven by their passion for gadgets, science and engineering. 
  • Climate Conscious – defined by their environmental responsibility to tackle emissions, and their need to live in a ‘sustainable’ way.  
  • Motorheads – decisions are fuelled by a love of cars and a need to explore the newest innovations in motoring. 
  • Savvy Spenders – conscious about making their money go further and making considered decisions about purchases. 

We have looked at who the 25 million people active on social media in the UK follow, and identified the ‘silent majority’ who are truly motivated by the 4 key purchase drivers for electric cars. We then took a holistic view of their entire following, to analyse and profile the lifestyles, and triggers of these consumers, revealing granular insights into their top brands, influencers, media titles, destinations and events. 

Knowing this we can find the right websites, bloggers and forums to target, to curate the perfect online experience for each customer mindset. We can pinpoint the events and destinations that resonate best with each audience, thus shaping content and themes for offline experience. 

For example, looking at Tech Enthusiasts versus Motorheads we can see, compared to the UK average, that Tech Enthusiasts consume 3x more online media, whereas Motorheads are twice as influenced by destinations and events. 

 

Once you understand the market, and specifically where your brand sits within it, you can dive deeper to tailor your brand proposition. Communicating the right product feature, to the right consumers on the right channel, crafting the best customer journey and experience. When you know what matters to a consumer group and which media channels they consume, you can communicate with them with significantly enhanced accuracy. 

Our brochure takes a deeper dive into each of the consumer mindsets and the global EV market, giving a background to the current global appetite for EVs, more information on the barriers to purchase, how to gain a competitive advantage in the market and how to target the right customers and prospects to grow sales. Please click on the link to download.

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