Electric Vehicle Interest Soars in Consumer Market
When considering a new car purchase, factors like cost, fuel efficiency, and reliability are often top of mind. However, a recent study indicates that electric vehicles (EVs) are becoming a higher priority for a significant number of consumers.
A survey conducted by Tata Consultancy Services (TCS) revealed that 64% of consumers reported they are likely or very likely to buy an EV as their next car. The survey included over 1,300 participants from 18 countries representing 12 different industries. These industries, as stated in the study, are key for a successful transition to EVs and included EV manufacturers, industry influencers, and potential buyers.
The study’s respondents included age groups spanning from 18 to over 55 years old. Interestingly, the study showed increasing interest in EVs among younger demographics. Specifically, over 75% of respondents between 18 and 35 expressed the likelihood of purchasing an EV as their next vehicle. Of those surveyed, 55% of respondents across all age groups expressed satisfaction with current EV options on the market.
M.S. Krishnan, professor and faculty director at the Stephen M. Ross School at the University of Michigan, highlighted the importance of the data. “This TCS study offers rich insights about the recent trends in the eMobility ecosystem for all stakeholders,” Krishnan said. “It covers both the demand and supply side perspectives very well, making it a well-rounded set of insights.”
Data from Kelley Blue Book shows that the average price for electric cars was $55,273 in February 2025. In comparison, gas-powered vehicles averaged $48,039, indicating a shrinking price gap. In addition to the potential for greater affordability, EVs can contribute to cleaner air and reduced pollution due to their decreased environmental impact.
“The future of mobility is electric, connected, and sustainable — a transformation that will redefine industries and communities alike,” says Earl Newsome, the Global Chief Information Officer at Cummins.
