NEW YORK
,
January 5, 2022
(press release)
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U.S. and other global markets face a steep climb to escape the clutches of fossil fuels as the clock ticks down Key takeaways Why this matters While the automotive sector focuses on the road ahead and a return to its pre-pandemic pace of growth, consumer values remain aligned with familiarity and affordability. For 12 years, Deloitte has been exploring automotive consumer trends impacting the rapidly evolving global mobility ecosystem. This year’s report, “2022 Global Automotive Consumer Study,” explores a variety of issues impacting the global automotive sector, including the development of advanced technologies, sustainability, cost expectations on new vehicles, virtual purchasing experiences and mobility services. The report is based on a survey of more than 26,000 consumers from 25 countries conducted between September and October 2021. Mapping the future of EVs As global automakers look to make good on their promises of an electrified future, consumer interest in adopting more sustainable powertrains is driven by reduced fuel costs, climate concerns and better driving experiences. However, EV limitations continue to draw many drivers to familiar internal combustion engine (ICE) vehicles. At the same time, consumer willingness to pay for advanced technologies remains limited. Key Quote The automotive industry continues to prove its resiliency as the pandemic impacted virtually every aspect of the business. Despite these challenges, the industry remained remarkably committed to electric mobility. The growing interest among consumers to be more sustainable, along with rising fossil fuel costs, create a compelling opportunity for EV manufacturers. Global automakers should communicate this value proposition for consumers and strengthen the requisite charging infrastructure to further drive their success in the market and enable a truly electrified future. - Karen Bowman, vice chair, Deloitte LLP and U.S. automotive leader The road ahead for vehicle purchases Consumers shopping for new vehicles prefer traditional, in-person experiences in favor of virtual platforms. However, virtual retailing is gaining traction for its convenience, speed and ease of use. Personal mobility remains king Shared mobility offerings, including vehicle subscriptions and ride-hailing services, face a slow return to pre-pandemic levels as personal vehicle ownership maintains its position as the most desirable mode of transportation. Key quote Current changes in the automotive industry are being driven by the pandemic, consumer behaviors, and new product and service offerings. Agility around offerings that cater to consumer demands for convenience and ease of use, such as virtual purchasing and mobility applications, may prove successful for automotive leaders who are leaning into changing customer needs and demands for a better integrated driving and lifestyle experience. However, as we’ve seen with the global supply chain, challenging existing paradigms in the automotive sector is often complicated and costly and convincing the customer to pay for further mobility services in a free app world is a difficult proposition. - Jason Coffman, U.S. automotive consulting leader and principal, Deloitte Consulting LLP About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 345,000 people worldwide connect for impact at www.deloitte.com.
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