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Wednesday, 13 January 2021 00:33

Report: Consumers Not Quite Ready to Switch from Internal Combustion

Written by Auto Remarketing Staff
Report: Consumers Not Quite Ready to Switch from Internal Combustion Screenshot from Deloitte.

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The long-term trend toward electric vehicles continues to solidify. But because of the pandemic, consumer anxiety might be shifting automotive priorities toward familiarity and affordability.

According to a new report from Deloitte, that could be a reason why 74% of U.S. consumers are looking for a traditional internal combustion engine in their next vehicle.

 

For the report titled “2021 Global Automotive Consumer Study,” Deloitte surveyed more than 24,000 consumers from 23 countries, seeking opinions regarding issues impacting the global automotive sector.

 

Those issues include implications of the pandemic on consumer perceptions, the development of advanced technologies and impact of digital automotive retail platforms.

 

A major portion of the report covers vehicle electrification and connectivity, but the report also covers vehicle financing trends and future vehicle intentions, noting that in India and the Republic of Korea, about a third of consumers plan to delay the acquisition of their next vehicle.

 

In the U.S., 34% of respondents said the pandemic made them either delay or accelerate the acquisition of their next vehicle.

 

But in the area of electrification, the report notes that before the transportation torch passes from internal combustion to electric powertrains, consumers want more assurance regarding mileage, charging infrastructure rollouts and electric segment affordability.

 

“While the pandemic continues to play a large role in exacerbating this apprehension, stricter carbon emission regulations on the horizon point to a ‘closing window’ for the traditional ICE segment experience,” the report states.

 

According to the report, only 26% of U.S. consumers are considering alternative engines for their next vehicle.

 

That is a 15% decline year-over year.

 

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