European EV listings gain momentum, but high price tags stifle demand, Adevinta finds
- EV listings on Adevinta’s European mobility marketplaces increase by 94% year on year in H1 2023
- 35% would consider buying a second-hand EV for their next car
- But for 56% of European consumers, high prices are still a key barrier to adoption
16 November 2023: Consumer interest in electric vehicles (EVs) is accelerating as a new wave of supply hits European markets, yet high prices continue to stand in the way of widespread adoption. That’s according to new research and platform data from Adevinta, the leading online classifieds group whose European mobility marketplaces include mobile.de, coches.net, leboncoin, Subito and Marktplaats.
In the first six months of 2023, the number of EV listings on Adevinta’s key mobility marketplaces* across five European markets saw a 94% increase year on year, indicating a significant rise in the availability of both new and used models.
According to a new survey of over 5,000 European** consumers commissioned by Adevinta, appetite for more sustainable vehicles is rising. Of those looking for a new vehicle in the next twelve months, 40% stated that they would choose an EV or hybrid car, while 37% are more likely to consider purchasing an EV now than they were 12 months ago. But in the same period, the volume of searches for EVs dropped by 6% when compared with the previous year indicating that demand is failing to keep pace with supply.
Despite evidence of growing interest, for many consumers, EVs continue to be too expensive when compared to their petrol and diesel counterparts. More than half of those surveyed (56%), high price tags are the main barrier preventing them from buying an EV.
Ajay Bhatia, Head of Adevinta’s global mobility portfolio and CEO of mobile.de, commented: “The increase in EV supply is encouraging, but it’s clear that for many consumers in Europe high prices and uncertainty about range, charging infrastructure as well as residual value are preventing them from switching to electric. For most people, buying a car is the second biggest purchase they’ll make in their life, and car manufacturers, dealers, and Adevinta’s marketplaces can support consumers by helping them better understand the finance and ownership models that can make EV adoption more affordable.”
With price a key pressure point, it’s not surprising that more than a third (35%) of European consumers would consider purchasing a second-hand EV for their next car. Adevinta’s platform data*** showed the average price of a used EV in H1 2023 was 28% cheaper than a new EV.
Consumers also cite the inability to travel long distances on a single charge (39%), and the lack of fast charging infrastructure (35%) as key barriers to further EV adoption. For just over 1 in 5 consumers (23%), skepticism around the environmental benefits of EVs stands as a deterrent.
Bhatia added: “Consumers across Europe are looking to make more sustainable choices, and second-hand EVs have an important role to play in the transition to greener forms of mobility. But there remains a job to do to alleviate concerns around perceived barriers that are preventing the switch to electric vehicles. Addressing these challenges hinges upon educating consumers, and providing accurate and accessible information specific to EVs to help them make sustainable choices that fit their budget and lifestyle.”
* Data analysed from: mobile.de, leboncoin, Subito.it, coches.net, Marktplaats
** European consumers surveyed from Germany, Spain, France, Italy and Benelux
*** Data analysed from: Mobile.de, leboncoin, Subito, Marktplaats
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5323 nationally representative adult respondents across Germany, Spain, France, Italy and Benelux were surveyed online between 9th and 12th October 2023. Research was commissioned by Adevinta and conducted by market research consultancy Censuswide.
Listings and search data is from five of Adevinta’s European marketplaces: mobile.de (Germany), Leboncoin (France), Subito.it (Italy), coches.net (Spain), Marktplaats (Netherlands).
Pricing data is from four of Adevinta’s European marketplaces: mobile.de (Germany), leboncoin (France), Subito.it (Italy), Marktplaats (Netherlands).
Adevinta is a leading online classifieds group and champion for sustainable commerce with a focus on Europe.
Our portfolio of 25+ digital marketplaces spans consumer goods, mobility, real estate, holiday rentals and jobs. Every month, our industry-leading technology enables more than 120 million people and over a million businesses across Europe to connect and trade. Loved local brands include leboncoin in France; mobile.de and Kleinanzeigen in Germany; Fotocasa and InfoJobs in Spain, Subito in Italy; Marktplaats in the Netherlands and the Canadian marketplace Kijiji.
Our international team of diverse individuals are united in their purpose to make a positive impact on the environment, the economy and society every single day.
To find out more, visit Adevinta.com.
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