- 45% of European consumers see brand reputation as the most important factor in their decision on which new car to buy.
- But over a quarter (28%) are more likely to buy an Electric Vehicle (EV) from a new or unfamiliar brand compared to a petrol or diesel vehicle from a new or unfamiliar brand.
- This erosion of brand loyalty is caused by substantially lower consumer awareness for EV models compared to Internal Combustion Engine (ICE) models.
That’s according to a new survey of 5,000 European consumers from
Brand reputation remains a key factor in purchasing decisions. For 45% of European consumers, it’s the top consideration when looking for a new vehicle, and nearly one-third (31%) have historically bought vehicles from the same brand.
But the EV transition has levelled the playing field, and Adevinta’s research indicates that many are willing to switch allegiance to get the vehicle that meets their needs. For example, over a quarter (28%) are more likely to purchase an EV from a new or unfamiliar brand compared to if they were to purchase a petrol or diesel vehicle.
A number of key factors regularly cited as barriers to adoption, like battery range, affordability and availability, are prompting consumers to consider brands they might not be familiar with. For example, nearly four in 10 (39%) consumers would consider buying an EV from a new or unfamiliar brand if it outperformed other models in terms of battery range. Over a third (35%) would do the same if it was cheaper than other models; and more than one in four (26%) would consider buying an EV from a new or unfamiliar brand if the vehicle could be delivered more quickly.
From a list of ten popular car models,* consumer awareness of EVs is low when compared to petrol or diesel equivalents. For example, the Volkswagen Golf (52%), BMW 3 Series (39%), and Dacia Sandero (34%) are the most widely recognised by respondents. In contrast, when it comes to the EV equivalents, 28% of consumers recognise
With European EV volumes expected to grow by 18% year on year, established manufacturers need to contend with a host of increasingly competitive emerging brands for market share. Analysis indicates that one in four EVs sold in
But building a reputation in the European market is no mean feat due to the consumer tendency to associate quality with legacy. For example, nearly three in 10 consumers (29%) don't trust that vehicles manufactured by new brands are very reliable or well built.
From a list of ten brands* consisting of legacy and emerging manufacturers, consumers see
When asked which brands** have the strongest reputation as EV manufacturers, Tesla unsurprisingly came out on top with 48%, followed by
*Consumers were asked to choose amongst the following models: Volkswagen Golf, BMW 3 Series, Dacia Sandero, Tesla Model Y, Porsche 911, BMW i4, Volkswagen ID.3, Porche Taycan,
**Consumers were asked to choose amongst the following brands:
ENDS
For more information, contact:
firstlight group
adevinta@firstlightgroup.io
+44 (0)20 3617 7240
Methodology:
5179 general respondents (aged 16+) across
© OMX, source