The 2024 Global Automotive Consumer Study by Deloitte revealed shifting trends in the automotive sector, highlighting the rise in U.S. consumer interest in internal combustion engine (ICE) vehicles and a decline in hybrid and battery electric vehicle (BEV) purchase intent. The report showed a 9% increase in ICE vehicle purchase intent, reaching 67%, while interest in hybrids and BEVs has dropped to 21% and 6%, respectively, the company said.
Affordability remains a primary concern for U.S. consumers, with a majority expecting to pay less than $50,000 for their next vehicle. Price is the top factor in vehicle brand selection for 59% of U.S. consumers surveyed. Additionally, over half (51%) of U.S. consumers are considering switching vehicle brands, driven by desires for something different, affordability and access to new features. Only 25% of U.S. consumers are willing to pay extra for connected vehicle services, the report found.
The study also highlighted the consideration among 28% of U.S. consumers aged 18-34 to shift from traditional vehicle ownership to a subscription service model, driven by economic concerns and transportation expenses.
