The potential future of profitable investments in electric vehicle components and infrastructure hinge on cost-cutting processes and the final price tag, analysts say, but the industry is "losing time" in a race to cut carbon emissions before climate change does irreparable damage.
During a virtual panel discussion about buyers of battery electric vehicles, hosted Sept. 16 by the Center for Automotive Research, Mike Dovorany, vice president of the automotive and mobility market research team at Escalent, said developers should change the way they think about the persona of the future electric vehicle buyer.
"EV is an interesting space given the fact that there's so much energy and resources being put into them, and yet in a lot of ways there's a continued frustration of 'why aren't we seeing the results we would like,'" Dovorany said.
The growth of EVs is important for plastics suppliers making lighter weight parts, electronics and reconfigured interiors.
Escalent recently surveyed 10,000 new vehicle buyers to understand consumers' interest level in an electrified future in transportation.
"There's some pretty good human behavior lessons to bring to the table," Dovorany said.
With about 80 percent of respondents saying they believe EVs are either "the future" or "an interesting idea," he said, "there's basically been a coalescent in the consumers' minds around the fact that electrification is the future. … That shows a lot of the work getting done is actually resonating with people."