US automotive trends and insights: 2024
The US automotive industry continues to evolve, shaped by changing consumer preferences, technological advancements, and market trends. Insights from YouGov's BrandIndex, Profiles, and surveys tools offer a comprehensive view of key shifts for 2024. From fuel choices to electric vehicle adoption and evolving automotive technology, these trends reveal what matters most to today’s car buyers and owners.
The push for electric vehicles
Electric vehicles (EVs) continue to gain popularity, though significant barriers remain. Hybrid vehicles appeal to 67% of Americans due to their lower running costs, highlighting a transitional interest in fuel-efficient alternatives. But what’s the state of EV adoption in the US in 2024? Range anxiety and limited charging infrastructure remain top concerns why consumers are not considering buying an EV. Financial incentives play a crucial role in boosting EV sales. Reduced charging costs (43%), reduced insurance costs (44%) and government subsidies on EV purchases (39%) are among the top incentives that can make EVs “somewhat more” or “much more” financially attractive to consumers. But broader adoption will depend on addressing these practical challenges.
When on vacation only 18% of Americans say they would prefer renting an electric or hybrid car rental. Free or discounted charging is most likely to incentivize those picking gas-powered vehicles to rent EVs.
Car buying trends
In 2024, US car buying trends reveal shifting preferences and evolving purchasing behaviors. Nearly a fifth of Americans intend to buy a certified pre-owned or used car (18%) and 14% intend to buy a new car. Brands like Toyota and Honda lead among new car buyers and Chevrolet and Ford favored for used cars.
Financing remains the dominant method of vehicle acquisition, with a third of Americans opting for an auto loan, while 25% say they would use their savings. Subscription models are gaining traction, with 33% car owners expressing interest in trying these flexible, maintenance-inclusive alternatives.
The power of brand reputation
Reputation plays a critical role with 63% of US consumers saying it’s an important consideration when purchasing a vehicle. However, data reveals that despite negative news consumer consideration hasn’t changed much. Tesla maintains strong brand health despite facing increased scrutiny over safety recalls. Consideration scores for Honda and Nissan hold steady in the last four months of the year since the product recall news broke out. And Michelin has maintained its trusted status in the tire industry under new leadership.
Automotive technology in demand
Automated driving features remain a priority for US consumers, with 31% of US consumers prioritizing collision avoidance systems, 29% looking for adaptive cruise control and 27% wanting blind-spot monitoring. Americans are not turning away the prospect of talking cars. Close to half (42%) say they’re interested in having one in their next vehicle. In-car health technology, such as driver fatigue monitoring, garners interest among 47% of consumers, showcasing demand for safety and wellness-focused innovations. On the innovation front, Tesla and BMW stand out as top auto innovators.
Safety and size concerns
Safety remains a key focus for car buyers, though more than half of the respondents (59%) are unsure about the overall NHTSA safety rating of their current vehicle. Additionally, there is growing concern over the increasing size of SUVs and trucks, with a significant number of Americans advocating for regulations to limit vehicle dimensions for better safety and practicality. SUVs, pickups and EVs are responsible for more insurance claims with frequent driving causing more accidents than fast driving.
Fuel and maintenance
Fuel prices remain a significant consideration for American drivers. Roughly four in five consumers (81%) prefer ARCO for its low fuel prices, while 55% choose Chevron for its safety reputation, emphasizing the importance of cost and trust in fuel brand loyalty. After-sales service is also a significant factor, with car owners favoring complimentary maintenance (61%) and quick services (60%), reflecting a desire for efficient and cost-effective support.
When selecting auto service providers, factors such as good customer service (55%), trustworthiness (45%) and reviews (44%) drive decisions. Independent repair shops and dealership service centers remain popular choices for different services.
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