GlobeNewswire by notified

EV-Joyment, Emotional Promise Motivate EV Adoption Over Environmental Benefits

Share

Latest Escalent EVForward™ Europe report findings encourage brands to tap into emotional aspirations of BEV ownership to engage with consumers

LIVONIA, Mich., Dec. 08, 2022 (GLOBE NEWSWIRE) -- As new-car buyer personas continue to evolve, connecting with consumers’ emotions and personality is more likely to ignite interest in battery electric vehicles (BEVs). This diverges from the long-standing industry narrative that environmental benefits are what drive BEV adoption, creating great opportunity for brands to expand their messaging and embrace new customers with a varying mix of values, lifestyles and attitudes.

The environmental and running cost credentials of BEVs are clear, but relatively few car buyers are motivated by such a narrow range of rational criteria. In 2022, 43% of car buyers acknowledge the environmental credentials of BEVs as a benefit, but the same factor only ranks 9th out of 19 in a hierarchy of most important car buying criteria, thus revealing the environment’s limited role in impacting purchases. Now, there is a deeper layer of emotionally charged motivations underpinning the decision to purchase a BEV.

Those are the latest findings of the 2022 EVForwardTM Europe report from the largest, most comprehensive study of the next generation of electric vehicle buyers—including BEVs and plug-in hybrid electric vehicles—in the US and Europe. The platform was developed in 2019 by Escalent, a top human behavior and analytics advisory firm with extensive experience counseling the world’s largest automotive companies.

“The BEV segment is almost becoming a status symbol for consumers who want to be viewed as fashionable, tech-forward and pioneering,” said Mark Carpenter, managing director in Escalent’s Surrey, UK office who works within the company’s Automotive & Mobility practice. “A fundamental change is happening in the psychological makeup of consumers considering BEVs, and different car buyer psyches are emerging. OEMs need to embrace ‘EV-Joyment’ to celebrate the aspects of BEVs that engage the positive emotions and aspirations of car buyers to trigger the purchase decision.”

European car buyers are becoming more reassured and open to BEVs in 2022, with increases in charging infrastructure, personal awareness, and experience with their peer groups obtaining BEV ownership.

  • 48% of survey respondents now believe 21%–60% of car parks and shopping malls have charging points, an increase of eight percentage points from 2021 (at 40%).
  • 49% of car buyers have either driven a BEV or feel they know BEVs well (43% in 2021).
  • 45% of car buyers know friends or relatives who own a BEV (32% in 2021).

Charging providers can tap into the positive emotions and motivational aspirations of car buyers by shifting how charging infrastructure is designed and positioned. Instead of being simple points of access to charging plugs, charging stations need to become desirable destinations with amenities—such as a café with Wi-Fi, which are the top-two choices for survey respondents—that cater to consumers’ personality and lifestyle desires. This will grow consumer awareness of charging infrastructure and BEV consideration by painting a fuller picture of BEV ownership experiences that align with consumers’ self-image.

BEV sentiment is also improving, with 41% viewing BEVs more positively in 2022, in contrast to 36% with a positive impression in 2021. Creating a hopeful outlook for adoption, 18% of survey respondents say their next car will be a BEV, up from 12% in 2021.

To learn more about the study, visitescalent.co.

About EVForward™ Europe 2022
The second annual wave of the EVForward Europe study was conducted across five European countries: United Kingdom (n=1,941), Germany (n=2,011), France (n=1,723), Italy (n=1,915) and Spain (n=1,806). It was a market-representative sample of 9,396 respondents and included a survey that fielded from July to August 2022. Respondents are ages 18 to 80 with a primary vehicle model that’s 2016 or newer, and all intend to purchase a new vehicle within the next five years. Data were weighted by age and gender to match the demographics of the new-vehicle buyer population and by vehicle segment to match current vehicle sales. The sample for this research comes from an opt-in, online panel. As such, any reported margins of error or significance tests are estimated and rely on the same statistical assumptions as data collected from a random probability sample. Escalent will supply the exact wording of any survey question upon request.

After two years of research, the total EVForward Europe sample now includes more than 19,000 new-car buyers across Europe, adding to the 30,000+ new-car buyers in the United States.

About Escalent
Escalent is an award-winning data analytics and advisory firm that helps clients understand human and market behaviors to navigate disruption and business transformation. As catalysts of progress for more than 40 years, our strategies guide the world’s leading brands. We accelerate growth by creating a seamless flow between primary, secondary, syndicated, and internal business data, providing consulting and advisory services from insights through implementation. Based on a profound understanding of what drives human beings and markets, we identify actions that build brands, enhance customer experiences, inspire product innovation and boost business productivity. Visitescalent.co to see how we are helping shape the brands that are reshaping the world.

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Exterro Hires Rick Valentine as New Chief Customer Officer28.3.2024 14:00:00 CET | Press release

Seasoned executive will focus on ensuring Exterro customers maximize the value of their investment PORTLAND, Ore., March 28, 2024 (GLOBE NEWSWIRE) -- Exterro, the leading provider of data risk management software solutions, today announced the appointment of Rick Valentine, an expert in delivering world-class customer experiences at global organizations, as its new chief customer officer. The appointment reflects Exterro’s long-term commitment to delivering an outstanding experience and return on investment to all customers using its data risk management platform. Valentine will report directly to Exterro CEO Bobby Balachandran. Valentine brings more than three decades of leadership experience to the CCO position, most recently as chief customer officer at data management company Quantum. His prior executive experience encompasses both large public enterprises and high-growth startups in the high-tech space, including Silver Peak Systems/HPE, Veritas/Symantec, and Intuit. Valentine bri

Now Open for Nominations: The First Edition of the Stevie® Awards for Technology Excellence28.3.2024 14:00:00 CET | Press release

The newest edition of the world’s premier business awards will celebrate technology-related achievements worldwide FAIRFAX, Va., March 28, 2024 (GLOBE NEWSWIRE) -- The Stevie® Awards, organizers of the world’s premier business awards, have opened a ninth international competition: the Stevie® Awards for Technology Excellence. This new Stevie Awards program celebrates the remarkable accomplishments of individuals, teams, and organizations shaping the future of technology across all industry sectors. Individuals and organizations worldwide are eligible to enter – public and private, for-profit and non-profit, large and small. The program will recognize the world’s best technology professionals, organizations, achievements, products, and services since the beginning of 2022. The early-bird entry deadline, with reduced entry fees, is May 2. The entry deadline is May 30, but late entries will be accepted through June 28 with payment of a late fee. Entry details are available at www.StevieAw

HONKARAKENNE OYJ’S BOARD OF DIRECTORS DECIDED ON A SHARE-BASED INCENTIVE PROGRAM28.3.2024 14:00:00 CET | Press release

HONKARAKENNE OYJ Stock Exchange Release 28 March 2024 at 15:00 p.m. HONKARAKENNE OYJ’S BOARD OF DIRECTORS DECIDED ON A SHARE-BASED INCENTIVE PROGRAM As of 28.3.2024 The Board of Directors of Honkarakenne Oyj has decided on a share-based incentive program for 2024-2026. The purpose of the program is to engage key employees in the company’s objectives and create incentives for shareholder value growth. The performance share plan 2024-2026 consists of a 3-year performance period. Possible rewards will be paid in 2027, if the set performance targets are met. The performance metric applied to the performance period is company turnover and operating result %. The plan will involve a maximum of 9 individuals and the plan rewards will be equivalent to a maximum of 105,000 shares. HONKARAKENNE OYJ Board of Directors Additional information: CEO Marko Saarelainen, tel. +358 40 542 0254, marko.saarelainen@honka.com DISTRIBUTION Nasdaq Helsinki Ltd Key media Financial Supervisory Authority www.honk

Suominen extends the maturity of its revolving credit facility by one year28.3.2024 14:00:00 CET | Press release

Suominen Corporation’s press release on March 28, 2024 at 3:00p.m. (EET) Suominen signed in July 2020 a syndicated revolving credit facility agreement of EUR 100 million with maturity of three years with initially two one-year extension options, which both have been used. Suominen has now agreed on extending the maturity of the facility with additional year to July 2026. SUOMINEN CORPORATION For more information: Janne Silonsaari, CFO, tel. +358 50 409 9264 Suominen manufactures nonwovens as roll goods for wipes and other applications. Our vision is to be the frontrunner for nonwovens innovation and sustainability. The end products made of Suominen’s nonwovens are present in people’s daily life worldwide. Suominen’s net sales in 2023 were EUR 450.9 million and we have nearly 700 professionals working in Europe and in the Americas. Suominen’s shares are listed on Nasdaq Helsinki. Read more at www.suominen.fi.

AB Traction: Traction publicerar årsredovisningen och årsberättelsen för 202328.3.2024 13:30:00 CET | Pressemelding

AB Traction: Traction publicerar årsredovisningen och årsberättelsen för 2023 Tractions årsredovisning och årsberättelse för 2023 är nu offentliggjorda och finns tillgängliga på bolagets webbplats, www.traction.se Den tryckta versionen av årsberättelsen kan beställas genom e-post till post@traction.se. AB Traction Petter Stillström Verkställande direktör Tel: 08-506 289 00 DENNA INFORMATION ÄR SÅDAN INFORMATION SOM AB TRACTION ÄR SKYLDIGT ATT OFFENTLIGGÖRA ENLIGT LAGEN OM VÄRDEPAPPERSMARKNADEN. INFORMATIONEN LÄMNADES FÖR OFFENTLIGGÖRANDE DEN 28 MARS 2024, KL. 13.30 CET. Bilagor Traction Årsredovisning 2023traction-2023-12-31-svTraction Årsberättelse 2023

HiddenA line styled icon from Orion Icon Library.Eye