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2021 automotive consumer insight Report From Mckinsey

The following is the 2021 automotive consumer insight Report From Mckinsey recommended by And this article belongs to the classification: Automobile industry, Consumer research, User Research, Mckinsey .

Affected by the epidemic, the car market suffered a heavy blow in the first quarter of 2020, but with the epidemic under control, the car market quickly recovered. Although the growth rate of China’s auto market in 2020 is – 7%, compared with the major auto markets in the world, its resilience and recovery are good, and its performance is strong in the high-end market (with a year-on-year growth of 13%) and new energy vehicle market (with a year-on-year growth of 22%). In McKinsey’s latest research “2021 McKinsey automotive consumer insight” – trend leads the way, breaking the waves: accelerating the overall transformation, leading the post epidemic era, we observed that China’s auto market and consumer behavior present six key characteristics in brand choice, car journey, new energy vehicle preference, intelligent technology voice, etc

1、 Customer management is urgent, and product upgrading is imperative. China’s auto market continues to change from incremental to stock market. In the post epidemic era, the demand for more vehicles and consumption upgrading is still strong. At the same time, automobile manufacturers need to pay close attention to the consumption upgrading trend, layout the incremental price range market (such as 200000-300000 yuan price range), and focus on building competitive products to improve operational efficiency.

2、 Brand building has become the main battlefield. In 2020, the top 13 brands have occupied 69% of the market, the overall market concentration is gradually rising, and the competition is fierce. Under the background of stock market and consumption upgrading, brand loyalty is polarized: low price customers have lower brand loyalty, while high price customers have higher brand stickiness. In addition, the luxury car market is still dominated by imported / joint venture brands, but in the non luxury car market, which accounts for a larger proportion, the advantages of joint venture brands are no longer there, and the original brand “moat” has nearly disappeared. Individual aggressive independent brands have been able to match the influence of joint venture brands, especially in the aspect of intelligent Internet, the most frequently mentioned by consumers are all independent brands.

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