凯捷研究院-变速换挡，COVID-19和快速变化的汽车消费者（英文）-2021.1-20页_970kb

Summary of "Shifting gears: COVID-19 and the fast-changing automotive consumer"

Core Content

The Automotive Consumer Tracker Survey conducted in November 2020 highlights the long-term and sustained changes in consumer behavior in the automotive industry due to the COVID-19 pandemic. The survey, covering 11 countries (US, UK, France, Germany, China, Netherlands, Sweden, Norway, Italy, Spain, India), represents 62% of global annual passenger vehicle sales in 2019. The report outlines three key trends:

1. Shift to Personal Mobility: Consumers are increasingly favoring private vehicles over public or shared transport due to safety concerns and a desire for control.
2. Growing Appetite for Car Purchases: There is a notable increase in consumer interest to buy a car, driven by economic recovery, low-cost loans, and government incentives.
3. Digital Integration in the Purchase Experience: Consumers are demanding more digital interaction throughout the car ownership lifecycle, from research to aftersales.

Main Points

1. Mobility Preferences

• Private vehicles are preferred: 87% of consumers prefer a private car over public transport for safety and convenience, up from 57% in April 2020.
• Micro-mobility is on the rise: 50% of consumers would prefer micro-mobility options such as e-bikes and electric scooters if available.
• Persistent avoidance of shared transport: Even with vaccine rollouts and reduced lockdowns, concerns about public and shared mobility remain high.
• Country-specific trends: Italy and the US show the strongest shift to private vehicles, while China, India, and Germany demonstrate the most significant change in preference towards cars over public transport.

2. Purchase Appetite

• Increased interest in car purchases: 46% of consumers are considering buying a car in the next 12 months, up from 35% in April 2020.
• Younger consumers are more interested: 59% of younger consumers (18–35) are considering a car purchase, compared to 46% overall.
• Shift to lower-end cars: 56% of consumers who are considering buying a car prefer a lower-end model than they originally intended.
• Premium segment emerges: 20% of car buyers prefer a more premium experience, with a focus on advanced features and services.
• Government incentives boost EV demand: In the EU and UK, EV market share is expected to grow to 31% of global sales by 2021, up from 22% currently.

3. Digital Interaction

• Digital channels are preferred: Nearly half (49%) of consumers now prefer online channels for car information, up from 39% pre-pandemic.
• Tech-based solutions dominate: 80% of consumers prefer using technology for dealership interactions, such as remote assistance and touchless servicing.
• Online ordering and delivery: 81% of consumers prefer online ordering and home delivery of parts or components, and 79% expect online trade-in processes.
• Digital sales channels are expanding: Online sales are projected to account for 25% of new car sales by 2025, up from less than 5% before the pandemic.

Key Insights

• Health and hygiene features have become a priority for consumers, with 85% wanting cars with such features.
• Subscription and leasing models are gaining traction, especially among younger consumers and urban dwellers.
• Dealerships remain relevant: Despite digital trends, 80% of consumers prefer in-person interaction when closing a purchase, but expect a more customized and digital experience.
• Connected car technology is being leveraged to enhance customer experience and optimize features based on usage data.
• Market competition is intensifying in entry-level segments, with companies like Tesla and Chinese automakers entering the market with affordable and connected options.

Actions for Automotive Organizations

• Address micro-markets with tailored offers: Develop subscription and leasing plans to cater to different consumer segments.
• Enhance hygiene-related features and services: Offer deep cleaning, UV sterilization, and air-purification systems to meet consumer safety demands.
• Revamp digital presence: Invest in digital sales, AR/VR tools, and online services to improve the customer journey.
• Reallocate marketing budgets to digital: Focus on innovative and addressable digital media to engage with consumers.
• Leverage connected car data: Use telematics and customer interaction data to understand feature preferences and optimize offerings.
• Revisit product portfolios: Adjust offerings to meet the needs of new customer segments, including those interested in EVs or premium experiences.

Conclusion

The pandemic has accelerated long-term trends in the automotive industry, shifting consumer preferences toward personal mobility, hygiene-focused features, and digital interaction. Automotive organizations must adapt by digitalizing customer journeys, tailoring offerings, and leveraging data to meet evolving consumer expectations. While the demand for cars is growing, the entry-level segment faces margin pressure, and premium and connected car markets offer promising opportunities for growth.