Key takeaways
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In the U.S., intent to purchase an internal combustion engine (ICE) vehicle is up nine percentage points from 2023 (to 67%), while hybrid and all battery electric (BEV) purchase intent has slowed, dropping four and one percentage points year-over-year (to 21% and 6%), respectively.
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Affordability remains an issue for U.S. consumers when purchasing their next vehicle: a majority of those surveyed expect to pay less than $50K for their next vehicle for both ICE (81%) and EV (74%) powertrains. In addition, for 59% of U.S. consumers surveyed, price is the top consideration when selecting a vehicle brand.
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Over half (51%) of U.S. consumers are likely to switch to a different brand for their next vehicle. In fact, more than 4 in 10 surveyed intend to leave their current manufacturer brand family, citing a desire to try something different, affordability concerns, and access to the latest features as the top motivators.
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While interest in connectivity grows, only 25% of U.S. consumers surveyed are willing to pay extra for connected services as many in established markets have come to expect the introduction of new features as a way for brands to differentiate themselves in the market.
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As consumers become increasingly sensitive to their future financial capacity and the share of wallet that transportation represents, 28% of surveyed U.S. consumers aged 18-34 are considering giving up the traditional ownership model for a vehicle subscription service.
Why this matters
The automotive sector continues to face a challenging road amid evolving consumer expectations and economic headwinds. For 14 years, Deloitte has explored automotive consumer trends impacting the rapidly evolving global mobility ecosystem. This year’s report, “2024 Global Automotive Consumer Study,” examines a variety of consumer trends and issues shaping the global automotive sector, including interest in EV adoption, vehicle purchase intent, brand loyalty,…
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