Auto Trader launched the latest edition of its Market Report today, its biannual review of the industry. In this edition of the report, Auto Trader focuses on the growing appetite for alternatively fuelled vehicles and increasingly sophisticated in-car technologies, such as semi-autonomous features.
Thanks to the feedback from over 3,000 car buyers and insight from industry experts from Hyundai, Ford, KPMG, Volvo, Oxbotica, and BP Chargemaster, the report looks to offer a more accurate view of what’s really on the horizon, how consumers really feel about these developments, and identify the ‘huge’ opportunities for the industry.
Last year revealed a growing appetite for AFVs, highlighted by the 20.9% increase in new car sales, 26.9% in used, and over 40% growth in searches on Auto Trader. And with nearly 71% of the car buyers Auto Trader spoke to for the report already considering an EV for their next car (an almost threefold increase from 25% in September 2017), the future’s looking positive for the ultra-low emission market. But there are barriers to mass adoption, which the report explores in more detail, including how to overcome them.
A big part of the report also looks at the emerging semi-autonomous technologies, which Auto Trader believes offer untapped opportunity for market growth.
Their research revealed that nearly a third (31%) of those surveyed have at least one semi-autonomous feature in their current vehicle (an average of 2.1 features). 80% said they would pay extra for semi-autonomous systems in their next car, and more than half (51%) would be more likely to buy from the same brand again because of these features. However, the report found that as a result of often complicated marketing jargon, unclear pricing and inconsistent frontline education retailers and manufacturers may be missing out
The research suggests that brands that explain the technology, including the semi-autonomous features, see higher conversion, higher prices and higher return visits for both maintenance and for next car purchases.
The report can be downloaded for free from https://plc.autotrader.co.uk/press-centre/