Global Consumer’s Perspective- A Study By Deloitte

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Direct feedback from the consumer is the crucial step in finding out the gaps in the system. Deloitte recently rolled out its yet another astute study on Global Automotive Consumer. For a decade, the giant has been exploring the behavioral trends of consumers about the expeditious growth in the EV ecosystem. The 2021 Global Automotive Consumer Study comprises a survey of more than 24,000 consumers worldwide from 23 countries to answer the important questions on significant parameters for the investments and strategies by can-be-mobility leaders. This report covers the worldwide regions in the US, Germany, India, China, Japan, and Rep. of Korea.

Electrification & Connectivity Factor

Range anxiety, charging time, lack of charging infrastructure, and safety concerns are the top hurdles that forced the consumers to jump back to our-own tested and comfortable ICE vehicles especially in the US. But markets of China, Japan, and the Rep. of Korea seem a positive edge towards connected vehicles. In relation to the safety factors, security in connected vehicles is another major roadblock. “Building value in both EVs and connected technology will be key for OEMs looking to generate an ROI on massive R&D investments”, the report states.

The next vehicle preference, consumer’s greatest concern regarding all-battery-powered electric vehicles, important features in their next car are some of the aspects studied under this category of the survey.

Next Vehicle Preference, Courtesy: Deloitte
What other advanced features do consumers want?, Courtesy: Deloitte

Vehicle Capital  

Another aspect covered by Deloitte is the vehicle investment trends by the consumers and shows how much amount of time is spent on the finance options before buying a vehicle. Having the flexibility for early termination and swapping vehicles is the most important characteristic of a vehicle finance account in Germany, China, and India. “Consumers in India and China are the most risk-averse when it comes to taking a vehicle loan, as people in other markets are far less likely to buy loan or lease insurance”, depicted in the report.

Percentage of consumers who are somewhat or very likely to purchase credit protection on a new loan or lease, Courtesy: Deloitte

Readiness for the Vehicle Acquire!

No doubt the corona pandemic has impacted a plethora of traditional actions and can be considered as the main reason for the delay in the purchase of vehicles in India, China, and the Rep. of Korea. Many consumers have figuratively changed the state of their minds regarding looking for the next vehicle. The shift to the virtual process of vehicle purchase is based on the country’s style. But people still want to have a smell, touch, and feel of the vehicle from an authenticated dealer. “In most countries, even those consumers who want a virtual buying process for their next vehicle would still most prefer to interact with an authorized dealer. The idea of a subscription service is significantly more interesting to consumers in India, China, and the Rep. of Korea when compared with people in Japan, Germany, or the United States”, stated in the survey.

COVID-19 pandemic caused people to change their mind regarding what type of vehicle they would most like to acquire next, Courtesy: Deloitte

All in All

In any industry, the customer is the key to its success. And highlighting the points of consumers can lead the world in the best market position. A nation like India where diversity is the USP and could be several groups of tastes, likes, and choices. Organizing a nationwide consumer analysis gives out the cultural as well as regional opinions. The 2021 Global Automotive Consumer Study clearly emphasized some basic yet important questions to consumers of different sample sizes in 23 countries. This study can really be a guide to leaders worldwide who are planning to invest or want to direct their business in the automotive industry.

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