December 7th, 2022, Clifton Mark
One of the biggest recent changes in the auto industry is the rise of electronic vehicles. OEMs have invested billions of dollars to deliver new electrified models, from R&D to factory redesign. Data from YouGov Global Profiles shows that nearly two thirds (64%) of global consumers agree that the future of the motor industry is electrification with only 11% disagreeing.
Naturally, attitudes towards electrification vary between markets. Global Profiles indicates that consumers in Thailand (80%) and Indonesia (79%) have the highest agreement with the statement that electric cars are the future of the motor industry. Mexico is also well above the mean at 75%. The countries least likely to agree with the statement are France (35% agreement), Germany (48%) and Sweden (51%).
One of the flashiest sectors of the EV industry is the market in luxury and premium electric cars. Tesla has done much to promote this category of vehicle and, according to YouGov BrandIndex, the brand has the highest buzz rating of all manufacturers among 18-44 year-olds. For 45-54, Tesla is 8th buzziest and for 55+’s, the EV company doesn’t even make the top ten.
According to YouGov data, over a fifth (22%) of global consumers currently own a luxury or premium car. Of these consumers, 58% would be interested in buying a premium or luxury electric car and 26% would be “very interested.”
Among existing luxury/premium car owners who are interested in going electric, reduced running costs (39%) and environmental benefits (38%) are the top reasons cited for considering doing so. Around one third (34%) believe that buying electric will help them future-proof themselves against the decline of petrol and diesel.
For those luxury and premium car owners who are not interested in electric vehicles, high initial cost (38%) and lack of charging stations (37%) are the most widely cited problems. This is not shocking considering that the price of EV’s have been rising over the past year.
Download YouGov’s new Auto Report 2022 to explore insights into 18 international markets, including:
- The rise of digital purchasing options
- Who is receptive to buying vehicles online
- Car purchase drivers
- The E-volution and the barriers facing the EV market
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Photo by Kenny Leys on Unsplash