November 24th, 2022, Alejandro R. Chavez
Worldwide, more and more governments, companies and the general public are getting used to the idea that electric vehicles (EVs) are the future of personal transportation amid a climate and energy crisis. However, readiness to adopt the future of EVs varies from country to country.
According to YouGov’s new Global Auto Whitepaper 2022, “The road ahead for future car buying”, the Mexican audience stands out worldwide for its readiness in the transition to zero-emissions transportation. The report, which compiled data from consumers in 18 international markets, reveals that 75% of Mexican consumers agree that electric vehicles are the future of the motor industry. The only other market to show more eagerness toward EVs than Mexico is Indonesia, with an agreement rate of 79%.
It’s worth noting that car manufacturing is one of the most important sectors for the Mexican economy. According to its national statistics agency, Inegi, the manufacturing of light and heavy duty vehicles and auto-parts were responsible for around 3.2% of the GDP for 2021.
But even compared to consumers in other countries with strong ties to the automotive industry and more EV-oriented policies (like the United States or Germany, Mexicans are still much more likely to consider electric vehicles as the future of the market.
Support for EVs in Mexico doesn’t seem to be absolute, however, since data hints at a price limit. YouGov’s whitepaper points out that, when talking about purchasing premium/luxury electric models, there is relatively less interest in the country for this kind of technology. By contrast, Indonesians (the only other audience that trusts more than Mexico in the future of zero-emissions transportation) show similar percentages of interest in buying a premium or luxury EV model and acceptance that EVs are the future.
In the long run, however, even the premium and luxury electric vehicles may prove to be attractive for Mexican consumers. Worldwide, the whitepaper points out that the potential reduction in fuel costs was the main reason why consumers interested in high-end EVs were considering the purchase, with 39% of those surveyed pointing out that possible benefit.
The possibility of lower maintenance costs, lower purchase price and lower insurance costs were also among the reasons why consumers all over the world are considering buying luxury EVs instead of combustion-engine premium cars.
And even if EVs don’t manage to significantly reduce costs for its buyers in the long run, specifically for Mexican consumers it may not be a big deal. According to a YouGov survey conducted in 2021, given the option to buy an electric, hybrid or combustion-engine car for the same price, Mexican consumers would still overwhelmingly choose the greener models far more frequently than their peers in other countries.
Download the full YouGov Global Auto Whitepaper 2022 to discover other insights from 18 international markets, including:
- Consumer behaviors and preferences for future vehicle purchases
- Popularity of online channels in the auto buying process
- Levels of trust towards traditional retailers and digital offerings
- Factors determining where to purchase their next car
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Methodology
The insights in this report are drawn from a recent global Custom Research survey uncovering how car purchase behavior and channels are evolving, the drivers to car purchase and the interest and appetite for electrification in the luxury and premium global auto market. The study covers 18 global markets of more than 19,000 respondents.
Our survey results were further bolstered by connecting research from our syndicated surveys YouGov Global Profiles and BrandIndex. Our survey was fielded the week of 6th to 22nd July 2022.
The YouGov panel provides a naturally accurate and representative view of the population. Data is adjusted using a mild weighting team using interlocking demographic characteristics—methodology considered advanced in the market research space.
Data for Mexico was based on a sample of 1,109 respondents, representative of the national adult population with an urban focus.