The 2024 Global Automotive Consumer Study highlights major trends and disruptive technologies that are set to influence the automotive industry. Surveying over 27,000 consumers from 26 countries, the study identifies key areas of change, including electric vehicle adoption, shifting brand preferences, interest in connected technology, and a rise in vehicle subscription models. These findings offer valuable insights for companies seeking to adapt to consumer demands and challenges in the mobility sector.
Electric vehicle adoption faces challenges that could hinder decarbonization efforts. Despite price reductions and government incentives aimed at boosting EV sales, issues like high upfront costs, range anxiety, and inadequate charging infrastructure continue to deter many potential buyers. These hurdles indicate that significant technological and infrastructure advancements are necessary to sustain EV momentum.
Global consumer preferences regarding vehicles show notable regional variations. In developed markets such as the United States, Germany, and Japan, price is the primary factor influencing brand choice. Meanwhile, in countries like China and South Korea, vehicle performance takes precedence, and Indian consumers prioritize product quality. These differences emphasize the need for automakers to develop localized strategies that cater to specific market expectations.
Interest in connected vehicle technologies remains high, with features like maintenance updates and safety suggestions appealing to many consumers. However, the willingness to pay extra for such features is limited, especially in developed markets. This disconnect poses a challenge for automakers seeking to generate revenue from connected technology and underscores the importance of demonstrating value to consumers.
Younger consumers are increasingly drawn to vehicle subscription models as an alternative to ownership. Economic uncertainties are pushing many to consider subscriptions, which offer flexibility and reduced long-term commitment. Nonetheless, concerns about the cost, availability, and perception of higher monthly fees remain significant barriers. Addressing these issues will be critical for the widespread adoption of subscription-based mobility solutions.