Four key takeaways from new Deloitte study

Deloitte US recently released the findings of its 2023 Global Automotive Consumer Study.

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The financial giant, which provides audit and assurance, tax, consulting, and risk and financial advisory services to a broad cross-section of the largest corporations and governmental agencies, has been conducting the study for the past decade with the aim of helping automotive companies overcome challenges.

From September through October 2022, Deloitte surveyed more than 26,000 consumers in 24 countries to explore opinions on a variety of critical issues impacting the automotive sector, including consumer interest in electric vehicle (EV) adoption, brand perception and deploying advanced technologies.

Four key trends emerged this year:

The global shift to electrified vehicles is happening at very different speeds depending on the individual market. Interest in hybrid technology also continues to outstrip full battery electric vehicles (BEVs) in most countries except China. Despite government messaging around the need to address climate change, the shift to EVs is primarily based on a strong consumer perception that it will significantly reduce vehicle operating costs.

Except for Japan, where vehicle features are the driving force behind choosing a brand, consumers rely on a perception of product quality when deciding to purchase. The current inventory crisis may be training consumers to expect longer waiting periods for delivery of a new vehicle, potentially opening the door to a more “build-to-order” retail paradigm.

Consumers across markets most trust the dealer where they originally acquired or normally service their vehicle, signalling the important role dealers play in maintaining customer relationships.

    Mobility providers looking to offer subscription services for connected vehicle technologies may find it challenging as most surveyed consumers would rather pay for these features upfront as part of the vehicle purchase price or on a per use basis.

    A copy of the report is available here: DOWNLOAD COPY

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