China's auto industry: The unexpected rise to global market leader!

China's auto industry: The unexpected rise to global market leader!

Munich (ots)

In a new analysis, consulting firm Arthur D. Little examined current trends in the automotive industry and highlighted China's progress as a leader in the manufacturing sector. The study, titled “Future of Automotive Mobility 2024,” is based on a survey of more than 16,000 consumers in 25 different countries. It shows that the automotive industry in the People's Republic of China is increasingly becoming a pioneer for future mobility trends.

A clear sign of the growing interest in Chinese electric vehicles is the willingness of European consumers to change their car brand. According to the results, customers of certain brands such as Kia (81%), Hyundai (80%) and Toyota (71%) are more open to purchasing a Chinese EV. In contrast, buyers of European brands show a greatly reduced willingness to change: at Skoda it is only 39%, at Renault 49% and at Volkswagen 57%.

Global trends and consumer attitudes

The analysis also shows that there is strong interest in electromobility worldwide. Assuming equal lifecycle costs, 48% of respondents prefer global battery vehicles for their next purchase. Only 14% are interested in conventional combustion engines. However, skepticism remains a common concern among many consumers, particularly when it comes to battery longevity.

At the same time, interest in autonomous driving in Europe and the USA remains low. On a scale of -100 to +100, attitudes in both regions are rated at -17. This trend is very different from the acceptance in Asia; Indian consumers show high interest here with a value of +47, followed by China (+29) and Saudi Arabia (+28).

Autonomous vehicles are particularly valued in megacities, while support is decreasing in smaller cities and rural areas, which is accompanied by an influence of income and size of residence. Particularly in affluent urban areas among the highest income brackets, the value for autonomous driving is rated at +44. Rejection is particularly pronounced in cities with fewer than 50,000 inhabitants.

Different markets, different preferences

The perspective on vehicle ownership in mature markets such as Europe tends to favor a decline in vehicle ownership over the next decade. The situation is different in emerging markets such as China, India, Vietnam and Mexico, where the importance of vehicle ownership will continue to increase. There is a striking difference in new car purchases between regions; While in Europe 52% of buyers choose a new car, in India it is 89%, in Southeast Asia 90% and in China even 96%.

Additionally, shoppers outside of traditional markets are showing greater openness to digital shopping platforms. They are poised to incorporate more technological innovation into the purchasing process, reflecting a fundamental shift in consumer mindset. The willingness to use digital channels when buying a car is significantly higher in these regions than in Europe and North America.

For more information and detailed insights, those interested can download the full study download here.