A car buyer’s wishlist
The top priority for car buyers is a longer lasting vehicle with low fuel consumption, and not innovation according to a new survey conducted by advisory firm KPMG.
KPMG’s Global Automotive Executive Survey 2014 found that fuel efficiency is by far the number one purchase criteria amid rising petrol prices.
An enhanced vehicle lifespan is also high up on the wishlist for car owners, while alternative fuel technologies appear to be taking a back seat in the quest
for a better economy.
Factors influencing purchase decisions
The report noted that, although driving an environmentally friendly car is still high on the wish list, other factors such as vehicle styling are playing a bigger part in the buying decision.
The report said that in-car technology solutions are in greater demand, as people expect a seamless extension of their home or office in-car, either via proprietary software or through plug-ins for mobile devices.
“Currently, these features do not come cheap, so automakers may have an opportunity to improve their margins through such added value services – as well as gaining greater control over essential auto technologies,” KPMG said.
The plug-in hybrid vehicle is set to lead the e-vehicle race as they become the dominant e-technology.
35% of respondents predict plug-in hybrids will attract the greatest demand of any
e-vehicle by 2019, followed by the fuel cell electrical vehicle. However, 77% believe that e-vehicles will only go mainstream if prices come down and the network of retail, repair and servicing expands.
KPMG’s Gavin Maile said that although the automotive industry is undergoing unprecedented change, the relatively long development cycles mean that some of these new advances may take as many as five to ten years to evolve.
And while much has been written about the potential for self-driving cars to change not just the individual driving experience, but the way cars interact with each other, and, ultimately, the look and feel of roads and cities.
“In 2014, the world’s automotive leaders do not yet see such vehicles as a major area of focus for their businesses. Just 14% of respondents feel that self-driving cars represent one of the key industry trends,” KPMG said.
KPMG polled 200 senior executives from the world’s leading automotive companies. Among these were car manufacturers, dealers, rental companies and mobility solution providers.
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