Advances in technology have led to significant improvements in the mileage ranges and ease of charging of NEVs, garnering an unprecedentedly high level of consumer recognition. Consumer research shows that the proportion of older consumers who have purchased NEVs for the first time has increased significantly. This reflects that a growing number of older consumers who value the environmental and economic benefits of NEVs and are willing to embrace this emerging mode of transport to keep up with social developments. In addition, compared to last year, the proportion of prospective BEV owners with a budget above RMB300,000 has increased from 22% to 26%, indicating that the potential of the premium BEV market continues to expand.
Consumers are more willing to pay for NEV smart features. The maturity of smart technologies, coupled with market education and extensive information dissemination, has allowed consumers to see the practical value of smart technologies and recognise that they are not simply marketing gimmicks. 41% of car owners surveyed say they will purchase NEVs because they have better smart connectivity than petrol cars. The introduction of AI marketing offers NEV companies the opportunity to break through traditional marketing constraints. For example, innovative formats such as the metaverse and digital humans can offer consumers immersive experiences to deepen the brand impression and enhance its intelligent brand image.
With the rapid growth of the internet and the popularity of social media, consumers have a growing demand for intuitiveness and engagement, as they are keen to gain a deeper understanding of technical details and the actual performance of the products. Therefore, car company brands are showcasing their products through live streams and other forms of intuitive and interactive presentations, allowing consumers to see the products’ strengths with their own eyes, thereby establishing trust and standing out in a highly competitive market. 39% of car owners surveyed will purchase an NEV because it has a better autonomous driving function than a petrol car.
The new energy vehicle market continues to enjoy a double-digit growth, with the share of plug-in hybrid models rising to one third. A reshuffling of new and established players takes place as cross-category entrants join the fierce competition.
Austin Yuan, Senior Analyst, China Insights
The respondents of this Report include: 1,000 petrol car owners and 500 consumers who plan to buy a petrol car; 1,000 NEV owners and 500 consumers who plan to buy a new energy vehicle (NEV). In this Report, a ‘car’ is defined as a passenger car used by individuals. Types of passenger cars include fuel cars, plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs).
This Report discusses the changes and opportunities in the electric and hybrid car sector in terms of NEV owner portraits, motivations for purchase of NEVs, willingness to pay for brands and energy types, energy consumption of different energy vehicles, availability and satisfaction with intelligent configurations, channel engagement of NEV brands and consumer attitudes towards NEVs.
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