Customers are Willing to Consider xEVs While Purchasing their Next Car
Declining diesel share gives rise to newer opportunities for electric vehicles. Understanding consumer needs becomes quintessential toward driving future mobility developments. This research focuses on consumer needs and their willingness to pay for various powertrain features and electric vehicles.
The respondents were questioned based on numerous factors such as reliability, fuel economy, easy availability of the fuel, good everyday performance, low cost of ownership, good resale value, low noise and vibration, inexpensive to purchase, very low/zero emissions, sporty performance, tax credits, and other incentives such as HOV lane access and to understand which motivates them to consider purchasing a vehicle. An overview of the impact of Volkswagen diesel emission scandal and changing consumer perception of diesel has also been captured.
Key Features
The key takeaways of the study include:
- Vehicles are mainly used on city roads and highways. Around half of the drivers do not drive more than 250 miles a day ever.
- Although reliability and safety are the most important factors for choosing a vehicle, luxury car owners consider the performance and personalization of the vehicle more often.
- Innovation seekers and selective adopters are more often considering performance aspects when choosing an engine.
- Fuel economy is a higher priority compared to performance. Females and drivers of small cars and SUVs with gasoline engines are especially keen on achieving good fuel economy.
- More than 80% of the drivers are willing to trade in their current vehicle for a more fuel-efficient vehicle at a fuel price of $5 per gallon.
- Next Vehicle Segment - On average, of those who prefer diesel engines, 55% would want an idle start-stop system, while 43% would want cylinder deactivation. These preferences can overlap, with 25% not wanting any of those.
Key Issues Addressed
- What are the general purchasing criteria and powertrain attributes that customers in the US consider while buying the car of their choice?
- What is the customer interest in considering a diesel-driven car as the next purchase?
- How is the customer perception of diesel cars changing?
- What is the impact of the Volkswagen emission scandal on such perception?
- What is the consumer perception of xEVs? How does it change by EV type - a mild, full, plug-in hybrid, and battery-electric cars? What are the key reasons for the consideration of xEVs?
- How has the awareness level of xEVs improved over the last few years? How has the switching behavior changed over the years?
