Deloitte study: Momentum is slowing for electrification in the U.S. - Transmission Digest

Deloitte study: Momentum is slowing for electrification in the U.S.

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.

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