A new report by Frontier Economics for Lloyds Banking Group finds that Britain’s move to electric vehicles may be held back less by technology than by misperception.

Battery electric vehicles (BEVs) made up 19% of new car registrations in 2024, yet more than 90% of cars on the road still run on petrol or diesel. The study, based on a survey of 2,187 people who bought a car in the last two years, compares what drivers think they know about EVs with the facts on cost, performance and charging.

Our analysis shows that consumers have a good understanding of some of the main expenses of owning a battery electric vehicle, such as the upfront cost of the car. But they hold significant misperceptions around key features of what it is like to own a BEV.

• Entry level prices and home charging are cheaper than people think. Drivers believe the cheapest new EV costs around £20,000, but entry level models now start at £14,995. Home charging for a typical driver costs around £12 per month, less than half the £30 that most drivers expect.
• Batteries last far longer than expected. Consumers significantly underestimate battery life. On average, people think BEV batteries last only eight years, when a lifespan closer to 18 years is more realistic.
• Many people underestimate their ability to charge at home. Not being able to charge at home was cited as a top three barrier by 22% of respondents. Yet nearly half of those drivers keep their car on a private drive or in a garage, where installing a home charger would generally be feasible.
• Charging infrastructure is more extensive and faster than assumed. Most drivers think that only around 70% of UK service stations have EV charging points, although the actual figure is 97%. Many also believe that it takes about an hour to charge to 80% on an ultra rapid charger, when in reality this typically takes around 32 minutes.
• Fire risks are overstated. Consumers significantly overestimate the risk of BEV fires. On average, they put the rate at 160 incidents per 100,000 cars, around four times the actual rate of 41. They also assume EVs are as likely to catch fire as petrol cars, despite evidence that BEVs are less fire prone.

The perceptions of lower income households towards BEV use are significantly more negative than those on higher incomes. But having experience driving a BEV, or even knowing others who do, has a huge impact on resolving most misperceptions. This suggests that BEVs becoming more commonplace is likely to generate positive network effects where consumer perception barriers can be overcome simply by being more exposed to BEVs through other people in their lives.

Given these network effects, it is vital for the Government and industry to ensure that as BEV adoption grows, some consumer groups – particularly those that do not spend time with people that already own BEVs – do not get left behind.

The report calls for targeted financial support, a common standard for testing battery health in the used EV market and a sustained public information campaign to close these perception gaps. Together, these steps can help keep the UK’s EV transition both on track and fair.

Read the full report to explore the insights on myths surrounding BEV use here.