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2024 Global Automotive Consumer Study

Australian Edition

What consumer trends and disruptive technologies will have the most impact on the automotive industry in the coming year? Explore key findings from our 2024 Global Automotive Consumer Study and discover how Australia compares across the evolution of mobility, connectivity, car buying trends, and more.

Trends impacting the global mobility ecosystem From September through October 2023, we surveyed more than 27,000 consumers in 26 countries 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. In this year’s study, four key trendsemerged:

  1. Is slowing EV momentum putting current regulatory timelines in jeopardy?

    High interest rates and elevated sticker prices may be causing consumer interest in EVs to soften. Despite a variety of measures designed to make them more affordable, other challenges continue to stand in the way, including range anxiety, charging time, and battery replacement costs. Australians in particular are grappling with questions around price and range of EVs.
  2. A significant number of consumers may be thinking about switching vehicle brands

    Price tops the list of factors driving the choice of vehicle brand for consumers in developed markets, including Germany, Japan, and the United States, while vehicle performance (China and South Korea) and product quality (India) are top of mind for consumers in other global markets. Less than half of Australian consumers are looking to switch brands, with trying something different being the top decision driving factor.
  3. Interest in connectivity features may not fully translate into revenue and profit

    Among those who are interested in connected vehicles, there is a relatively high level of interest in features that provide updates on maintenance, traffic/road safety, and suggestions for safer routes. However, the willingness to pay extra for connected technologies remains comparatively low in, and Australian consumers especially lack interest and trust in connectivity features.
  4. Younger consumers are interested in vehicle subscriptions, but more education may be necessary to address lingering concerns

    Against the backdrop of uncertain economic conditions causing concern for financial capacity, a significant number of younger consumers in many markets are at least somewhat interested in giving up vehicle ownership altogether in favour of a subscription model, but concerns about vehicle availability, total ownership cost, and the perception of higher monthly fees persist. Australian consumers follow the trend of consumers in other developed countries with only 30% interested in subscriptions over the current ownership model. For more details on these evolving automotive consumer trends, download the full report.

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