Automobile industryresearch report

Covid-19 and fast changing automotive consumers From Gearshift

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The following is the Covid-19 and fast changing automotive consumers From Gearshift recommended by recordtrend.com. And this article belongs to the classification: Automobile industry, research report.

Nearly half of global consumers (46%) are considering buying a car in the next 12 months, up from 35% in April 2020. This reflects the continuous change of consumers’ preference for personal travel mode. Affected by the epidemic, owning a car is now seen as a safeguard against the risk of infection and the spread of the epidemic.

The spread of the epidemic and blockade measures prevent consumers from going to public places or sharing transportation. 87% of consumers in the world said that unless the epidemic has been completely eliminated, their own safety and health and that of their families are best protected by personal vehicles. 81% of consumers said they would avoid carpooling for health and safety reasons, up from 42% in April 2020.

At the same time, 78% of consumers would choose to drive their own vehicles rather than take public transport. Nearly 72% of consumers said they paid more attention to the sustainable use of private cars than before the epidemic, and this change is likely to eventually turn into car sales.

Willingness to buy is growing in almost all markets around the world, driven by low-cost car loans, government incentives for electric vehicles, and pent up demand for cars after the economic recovery, which is now covered by the desire to avoid public transport and shared transport.

Young consumers (18-35 years old) are leading the trend, with 59% considering buying a car in the next 12 months, compared with 46% in all age groups. However, more than half (56%) of those considering buying a car have lowered their expectations of the car since last year, and they have become more inclined to the practicality and functionality of the car than to the more ideal values.

Automakers are pushing to update existing product lines to meet consumer interest. As a result, competition in the small and entry-level car market is likely to pick up. On the contrary, Capgemini research found that a small number of buyers (21%) who have become a certain size are willing to pay more for advanced functions such as extra space, networking services and voice control.

According to the research report, targeting these high-end consumers can obtain higher profits and help offset some of the profit pressure of the entry-level segment.

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