After a recent slowdown, the European electric vehicle (EV) market is poised for a potential comeback, driven by high-end buyers. According to a new study by Boston Consulting Group (BCG), 38% of consumers planning to purchase a car worth €80,000 or more in the next year are considering an electric vehicle.

Kathrin Pannier, BCG partner and managing director, and co-author of the report, stated, “Electric vehicle manufacturers have a unique opportunity to attract a new wave of high-end consumers. To succeed, they must offer electric vehicles with the right specifications and features at a competitive price point. These consumers are keen to explore the electric vehicle market, but they are also digitally savvy and value-driven.“

However, to tap into this interest, manufacturers must address significant concerns about charging and range. The study reveals that 46% of respondents are apprehensive about the availability of high-speed chargers, potential long wait times, and the expense of installing private chargers. Range anxiety, particularly related to battery predictability and performance in cold weather, is a worry for 44% of respondents.

Encouragingly, these concerns diminish significantly for those who have already driven an electric vehicle: by 24% for charging time and 34% for range. This suggests that familiarity and experience can alleviate some of the hesitations potential buyers face.

Beyond these issues, high-end buyers prioritize safety, comfort, sustainability, and a seamless digital and tech experience in their purchasing decisions. Addressing these criteria, alongside charging and range concerns, will be crucial for manufacturers looking to capture this market segment.