2024 Global Automotive Consumer Study

From September through October 2023, we surveyed more than 27,000 consumers in 26 countries, including 1,006 Belgians, to explore opinions regarding a variety of critical issues impacting the automotive sector, including consumer interest in electric vehicles (EVs), brand perceptions, and connected technology adoption. Our 2024 Global Automotive Consumer Study provides important insights that can help companies prioritise and better position their business strategies and investments in the year to come.

Not yet ready to fully move away from ICE technology
 

The transition toward zero emission vehicles remains a significant challenge for the Belgian car park. Although the number of electric vehicles continues to rise, it is driven primarily by the corporate market. Private consumers favour the internal combustion engine (ICE) and intent to acquire a battery electric vehicle (BEV) continues to trail hybrids (HEVs and PHEVs). A variety of other challenges also remain in the way of BEV adoption, including cost, driving range, and time required to charge, raising important questions around the pace of EV transition vs. emissions reduction targets.

Vehicle brands must embrace sustainable practices

Belgian consumers may not be ready to go electric, but they expect vehicle brands to show a strong commitment to sustainable practices. Nearly half of consumers state it is important/very important for vehicle brands to take action by using environmentally friendly materials or adopting a low carbon manufacturing footprint, amongst other.

The gap between connectivity features and revenue/profit

While 3 out of 10 surveyed consumers said they do not trust anyone when it comes to managing collected vehicle data, the majority of consumers are ready to share their personally identifiable information if it helps them with updates related to traffic congestion, road safety, and vehicle maintenance. However, less than a fifth of consumers are willing to pay for these connected services.

Vehicle subscriptions get a boost from younger consumers
 

With uncertain economic conditions giving rise to financial concerns, a significant number of younger consumers are at least somewhat interested in giving up vehicle ownership altogether in favour of a subscription model. Winning offers will need to overcome consumer concerns about vehicle availability and potential wait times.