Trends impacting the global mobility ecosystem
From September through October 2023, we surveyed more than 27,000 consumers in 26 countries to explore opinions regarding a variety of critical issues impacting the automotive sector, including consumer interest in electric vehicles (EVs), brand perceptions, and connected technology adoption. Our 2024 Global Automotive Consumer Study provides important insights that can help companies prioritize and better position their business strategies and investments in the year to come.
In this year’s study, four key trends emerged:
- Slowing EV momentum may be putting current decarbonization timelines in jeopardy.
- A significant number of consumers may be thinking about switching vehicle brands.
- Interest in connectivity features may not fully translate into revenue and profit.
- Younger consumers are interested in vehicle subscriptions, as a growing number of them question if they need to own a vehicle going forward.
For more details on these evolving automotive consumer trends,
Trend 1: Vehicle electrification
High interest rates and elevated sticker prices may be causing consumer interest in EVs to soften in some markets. Despite automaker price cuts and government incentives designed to make them more affordable, a variety of other challenges continue to stand in the way, including range anxiety, charging time, and availability of charging infrastructure.
Consumer interest in Internal Combustion Engines (ICE) vehicles is rebounding in some markets surveyed as affordability concerns continue to weigh heavily on forward intentions.
Trend 2: Future vehicle intentions
Price tops the list of factors driving the choice of vehicle brand for consumers in developed markets, including Germany, Japan, and the United States; while vehicle performance (China and South Korea) and product quality (India) are top of mind for consumers in other global markets.
Depending on the market, what matters most to consumers surveyed as they think about their next vehicle brand is either price, product quality, or performance.
Trend 3: Connectivity
Among those who are interested in connected vehicles, there is a relatively high level of interest in features that provide updates on maintenance, traffic/road safety, and suggestions for safer routes. However, the willingness to pay extra for connected technologies remains comparatively low in developed markets.
Consumers surveyed in developing markets such as India, China, and Southeast Asia are also more willing to pay for connected vehicle services compared to consumers surveyed in markets such as the United States, Japan, and Germany.
- India: 71%
- China: 60%
- Southeast Asia: 55%
- Rep. of Korea: 33%
- US: 25%
- Japan: 23%
- Germany: 20%
Trend 4: Vehicle subscriptions
Against the backdrop of uncertain economic conditions causing concern for financial capacity, a significant number of younger consumers in many markets are at least somewhat interested in giving up vehicle ownership altogether in favor of a subscription model, but concerns about vehicle availability, total ownership cost, and the perception of higher monthly fees persist.
Consumer interest in giving up vehicle ownership in favor of vehicle subscription (% very/somewhat interested) for 18- to 34-year-old respondents:
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