• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 1 min "Saudi Armada heading to U.S.", "Dumping" is a WTO VIOLATION.
  • 2 hours Cpt Lauren Dowsett
  • 53 mins Trump will be holding back funds that were going to W.H.O. Good move
  • 5 hours Death Match: Climate Change vs. Coronavirus
  • 31 mins Washington doctor removed from his post, over covid
  • 1 hour Which producers will shut in first?
  • 3 hours Free market or Freeloading off the work of others?
  • 4 hours ‘If it saves a life’: Power cut to 1.5 million Californians
  • 6 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 8 hours Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 8 hours Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 6 hours How to Create a Pandemic
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Drivers To Start Ditching Gasoline Cars for EVs As Early As 2025

Car buyers in the United States and major European economies expect improved infrastructure and range of battery electric vehicles (BEVs) to convince them to choose buying an electric car over a gasoline-powered car in five to ten years, a new report from human behavior and analytics firm Escalent showed this week.  

Although drivers are unlikely to choose an EV over gas or diesel-powered car in the next year, the share of those who expect to buy a gasoline car in five to ten years is significantly lower, according to Escalent’s survey carried out in 2019 among 1,000 American consumers and more than 1,000 consumers in Germany, the UK, and Spain.

Over the coming decade, consumers expect electric vehicles to become competitors and viable alternatives to gasoline- or diesel-powered vehicles. This is a significant shift in consumers’ expectations, the study found.

Among American consumers, 70 percent expect to buy a gasoline car within one year, but the share of those expecting to buy a gas-powered car in five to ten years drops to just 37 percent. In Europe, 50 percent of potential car buyers would choose an internal combustion engine (ICE) car within a year, but only 23 percent would buy a gasoline vehicle in five to ten years, the survey showed.

Currently, EVs are still a tiny fraction of all cars sold in the United States, accounting for just 2.2% of all passenger car sales in Q3 2019. At the same time, sales of gasoline SUVs and non-commercial small and medium-sized pick-up trucks are on the rise.

Commenting on Escalent’s report, Mark Carpenter, joint managing director of Escalent’s UK office, said:

“While most buyers don’t plan to choose BEVs over gasoline-powered cars within the next five years, consumers have told us there is a clear intention to take BEVs seriously in the five years that follow.”

“However, manufacturers will need to tap into the emotional value of BEVs rather than just the rational and functional aspects to seize on that intent and inspire broader consumer adoption,” Carpenter added.

According to Wood Mackenzie, falling battery pack prices, faster charging, and greater ranges will make the 2020s the decade of the electric vehicle.

“BEVs are expected to reach price parity with conventional vehicles at point of sale in this decade,” Ram Chandrasekaran, Principal Analyst – Transportation & Mobility at WoodMac, said earlier this month.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on February 22 2020 said:
    DON’T BANK ON IT. There are so many “Ifs” in your article to make it redundant. Moreover, market realities dictate otherwise.

    The first reality is that despite huge government subsidies, sale of EVs accounted for only 2.2% of all cars sold in the United States in 2019. Globally, the number of EVs and hybrid vehicles is estimated at 4 million out of 1.5 billion internal combustion engines (ICEs) or 027%. This is despite government environmental legislations. EVs could never replace oil in global transport throughout the 21st century and far beyond.

    The second reality is that range, charging time and price are only temporary teething problems for EVs. Technology will sooner or later resolve them. However, the real challenge facing a deeper penetration of EVs into the global transport system is the realization that oil is irreplaceable now or ever.

    The third reality is that while EVs are benefiting from evolving technologies, ICEs are equally benefiting from the evolving motor technology. As a result, ICEs are not only getting more environmentally-friendlier but they are also able to outperform EVs in range, price, reliability and efficiency.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Mark Potochnik on February 23 2020 said:
    Once the markets start falling they will speed up their decision. If the value of your ICE car crashes, you won't buy a new one. The prediction that I believe more is that by 2025 all new cars will be electric.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News