Budget and distance are what matter most

• The most important factors consumers consider when choosing a new electric vehicle (EV) are price (52 per cent) and range (45 per cent)
• Almost a quarter of drivers would consider an EV from a new manufacturer that they were not familiar with (23 per cent)
• One in ten cite brand as important – leaving a great opportunity for new EV entrants

New research from Direct Line EV Insurance¹ drivers rank price (52 per cent) and range (45 per cent) as the two most important factors when considering an EV. Build quality (20 per cent), safety (18 per cent) and driving experience (14 per cent) are all lesser priorities. Just 10 per cent of drivers cite brand as an important factor when considering an EV. This presents a great opportunity for lesser-known EV brands entering the UK market.

Interestingly, almost a quarter (23 per cent) of drivers said they would consider an EV from a new manufacturer that they are not overly familiar with. This will come as good news for the 18 new EV brands² that have launched, or are set to launch, in the UK. This includes brands such as Ora, BYD, Fisker and Chery.

The data also revealed key differences in consideration based on gender and age. Following on from the top priorities of price and range, men next prioritised build and the driving experience, whereas women prioritised safety and reviews (see Table 1).

Table 1: Considerations when buying an EV split out by gender. 

Source: Direct Line 2024

Generational differences are clear when it comes to price, with young people less focused on price than older generations (see Table 2). However, 55+ year olds are far less focused on brand names, whereas 18-34 year olds more likely to selecting an EV based on its brand (see Table 2).

Table 2: Considerations when buying an EV split out by age group.

Source: Direct Line 2024

Steven Williams, Head of Electric Vehicle Strategy for Direct Line said: “Given that price point is the most important consideration when purchasing a new EV, it’s clear that Brits are willing to consider new EV brands they have not heard of if they’re priced competitively. It’s great to see so many brands present, or soon to be present in the UK, this provides those considering the move to electric with plenty of choice to suit their budget, preference, and needs.”

ENDS 

Notes to editors

1.      Research conducted by Opinium Research on behalf of Direct Line Insurance with a nationally representative sample of 2,000 UK adults between 12^th – 16^th January 2024.

2.      18 EV brands included in the survey were: Cupra, BYD, Alpine, Rivian, Fisker, Geely, Lucid, Nio, Ora, Rimac, Chery, SAIC, Lynk & Co, VinFast, Xpeng, Voyah, Omada and AiWays

Direct Line Group

Chelsey Wheeler

Deputy Head of News and Issues

Email: chelsey.wheeler@directlinegroup.co.uk

FleishmanHillard

directlinegroupmedia@fleishman.com

07482107207 

Direct Line

Started in 1985, Direct Line became the first UK insurance company to use the telephone as its main channel of communication. It provides motor, home, travel and pet insurance cover direct to customers by phone or on-line.

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