While traditional combustion engine (ICE) cars still rule the road, electric vehicles (EVs) have become increasingly popular in recent years. As interest in EVs remains high, many consumers lack awareness of the long-term benefits of owning one. As a result, consumers often opt for a traditional ICE vehicle over an EV to save both time and money. How can we make consumers aware of the advantages of owning an EV and, in turn, support the transition? With this new industry rapidly evolving, supporting industries, such as lubricants, need to innovate so that consumers can achieve optimal vehicle performance and obtain a thorough understanding of the reality of EV ownership. Maintaining consumer interest Many see electric or hybrid vehicles as offering an accessible, long-term route forward when considering maintenance, cost, convenience, and environmentalism. While battery electric vehicles (BEVs) are currently the only type of EV on the market, there are two types of hybrid vehicles (HEV and PHEV) - and it is worth noting all have different maintenance needs. EVs, for example, require different maintenance as they only need to cover fluid applications encountered in electrified powertrains, such as reduction gear brake and coolant fluids. This simplified maintenance often appeals to consumers interested in EVs, especially as workshops offer reliable support and insight around maintenance for those changing over from ICE vehicles. Consumer action in buying EVs has further spiked in recent years for several reasons; More EV models are available across price points, expert resources and maintenance are increasingly trustworthy, and consumer products are better and more accessible too. Additionally, misunderstandings around the negative environmental impact of EV production, waste, and batteries are being confronted and improved globally, helping to drive change forward in the areas that need it most. Increasing awareness It is worth noting that the barriers to owning hybrid cars and EVs are not universally shared, as cost and infrastructure varies widely by region. While 39% of consumers are wary of the initial cost of EVs, nearly 60% are not aware that they can save money using an EV long term. Globally, EV infrastructure is lagging, but improving, with a 50% increase from the previous year. Concerns around battery pollution and range have been greatly reduced as EV education becomes more accessible, and automotive practices become more circular. There are ways for consumers to adjust their lifestyle to work seamlessly with EVs, too. This can include checking the availability of charging stations in their local area and making use of them when out on the road. In fact, UK access to public charging points is only getting better, with 45,737 public charging points installed in the last 12 months, representing a 40% increase in the total number of charging devices since July 2022. Consumers should also research financial incentives available for EV purchases and charging station installations, which can help alleviate the costs of owning an EV. For example, the UK Government is currently 18 AFTERMARKET APRIL 2024 BUSINESS www.aftermarketonline.net CHARGING AHEAD A look at how the lubricants industry is helping to fuel innovation and accelerating the switch to EVs BY Giuseppe Pedretti, Regional Managing Director PETRONAS Lubricants International (PLI)
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