The survey was conducted in July, shortly before a second round of global economic uncertainties again put a damper on consumer confidence.
At the time, the executives also expressed confidence that sales of traditional, gass-power cars would grow over the next 12 months.
Ernst & Young reports that 52 percent of respondents believe Europe will be the first true mass market for electric vehicles, with 39 percent saying that honour will go to China, and 37 percent pointing to Japan.
The 11 year timeline to a mass market for EVs was based on the average of predictions, which varied widely, according to the report.
Nine percent of respondents were actually much more bullish on electric vehicles, saying they believed the tipping point to a mass market would come in 2015. A pessimistic 19 percent said this probably wouldn’t occur before 2025.
“There is a growing diversity of opinion in the debate on how quickly the mass market for electric vehicles will take off in Europe and Asia in particular,” said Peter Fuss, Ernst & Young European automotive partner. “Although the current outlook for the sector is benign the current economic instability will only add to that uncertainty. That said many of the major players are taking the potential move very seriously indeed.”
Asked to assess the challenges still faced by electric vehicles in the marketplace, 65 percent of executives said the delay in the adoption of electric vehicles was due to their lack of range.
From there, the challenges most often cited by respondents were: a lack of charging stations (57 percent), excessive price (55 percent) and perceived unsuitability for day-to-day use (30 percent).
While opinions were wide-ranging on a number of questions, on one topic the executives were in almost complete agreement: Ninety-one percent believed that government grants around the world are needed to help electric vehicles make a breakthrough.
“From the industry’s perspective, the biggest problem is still electric vehicles’ lack of range. Building up the infrastructure needed and the high price of the vehicles are also seen as significant challenges,” Fuss said.
For additional information:
