Deloitte - Global Automotive Consumer Study 2024

Deloitte's Global Automotive Consumer Study provides valuable insights into the changing preferences of consumers in the automotive industry. The study highlights a shift in consumer priorities over the years, with factors such as value, technology, safety, and ownership alternatives influencing purchasing decisions. While consumers showed a growing interest in hybrid and autonomous vehicles in previous years, recent trends indicate a decline in enthusiasm for autonomous vehicles. Consumer willingness to pay for advanced technologies also came into question. Although online sales gained traction in 2021, the majority of consumers still prefer in-person purchasing experiences. However, there is a growing interest in electrified vehicles (EVs), driven by the perception of reduced operating costs. However, concerns about the price, driving range, and charging time of EVs remain. The study also highlights the importance of price, vehicle performance, and product quality in consumer brand choice. Additionally, younger consumers are interested in vehicle subscriptions, but concerns about availability, ownership costs, and higher monthly fees need to be addressed through education. These insights can guide stakeholders and policymakers in making informed decisions to address the evolving preferences and challenges of the automotive industry.