Consulting and advisory firm Deloitte has published its Global Automotive Consumer Study for this year, revealing the automotive consumer trends that are likely to influence the car market in 2023.
The study sourced opinions from 26,000 car buyers across the world to analyze emerging buyer habits in four key areas: vehicle electrification, future vehicle intentions, vehicle brand and service and connectivity.
Electric vehicles are a hot button issue in the car industry due to controversies surrounding their energy efficiency, price and environmental impact. According to Deloitte, automotive consumer trends suggest that EV buyers are mainly attracted by the long term savings on fuel and maintenance that battery-powered vehicles promise. The research also suggests that hybrids are likely to remain the more popular product into 2023.
In most of the countries surveyed, consumers selected car brands based on the perceived quality of their products. Supply chain disruptions and vehicle shortages may have also influenced buyer habits, conditioning customers to wait more patiently for vehicles than they have in the past.
Other automotive consumer trends showcased in the study suggest that U.S. customers are more likely to seek repair and maintenance from service focused businesses rather than retailers. However, drivers who take their damaged vehicles to a dealership are typically motivated by the quality of the storefront’s work.
Finally, Deloitte noted that buyer habits are likely to make it difficult for automakers to add subscription services, especially in the U.S. Only 20% of American participants said they would chose to pay monthly fees to use a vehicle’s feature, compared to 46% who say they prefer to pay upfront and 43% who preferred to be charged per use.
Automotive consumer trends are likely to change as the year progresses. However, the information provided by Deloitte can help dealers and manufacturers build their strategies around buyer habits and make 2023 a successful year for their businesses.
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