Deloitte announced that it has released a new 2024 Global Automotive Study that shows that as the automotive sector continues to focus on an electric vehicle (EV) ecosystem, internal combustion engine (ICE) vehicles have risen in popularity amid shifting consumer expectations and economic headwinds.
The new study examines interest in EV adoption, vehicle purchase intent, brand loyalty, connectivity features and vehicle subscriptions. In its 14th year, the report is based on a survey of more than 27,000 consumers across 26 countries conducted between September and October 2023.
Key findings of this year’s report include:
- EV momentum slows. In the U.S., intent to purchase an ICE is up nine percentage points (to 67%), whereas EV intent has slowed, falling one percentage point to 6%.
- Cost concern is platform-agnostic. Facing sustained economic headwinds, affordability remains a key aspect for U.S. consumers, regardless of powertrain, as a majority expect to pay less than $50K for their next vehicle, whether it be an ICE (81%) or EV (74%) platform.
- Consumers split on brand loyalty. Amid growing desires to try something different, more than half (51%) of U.S. consumers are likely to switch automotive brands for their next vehicle purchase.
- Range anxiety remains a key barrier. In order to consider an EV as a viable option for their next vehicle, almost half (46%) of non-BEV intenders in the U.S. would expect a driving range of at least 400 miles on full charge.
- Subscriptions find traction with younger drivers. As consumers rethink their financial commitments and attitudes towards vehicle ownership, 28% of U.S. consumers aged 18-34 are considering giving up traditional vehicle ownership for a vehicle subscription service.
To download a copy of Deloitte’s Global Automotive Consumer Study, click here.
