Consumer attitudes toward electric vehicles (EVs) are evolving rapidly, and so are their expectations for the car-buying experience.
When purchasing an EV, consumers seek an experience that matches their expectations of the vehicle: exciting and innovative, yet reliable and predictable. They want the convenience of online transactions combined with the personal touch of negotiating with a real person and the ability to take a test drive. The overall experience should be seamless, personalized, and more flexible than traditional car-buying methods.
These insights come from our consumer survey, which gathered responses from over 4,000 individuals worldwide, focusing on electrification, car-purchasing experiences, and automotive retail innovations. The findings reveal that while consumers desire an excellent experience, they are uncertain if the industry is ready to meet their needs.
Shaping the Automotive Retail Journey
As demand for EVs grows, it influences the entire automotive retail journey. Consumers appreciate digital interactions but are wary of issues like unclear pricing, complex configuration processes, and inconsistent dealer offerings. They are also interested in new test drive formats, including virtual or at-home tests.
These shifts indicate that the automotive retail industry must innovate to meet the needs of digital-savvy consumers. As consumer attitudes change, new market entrants will emerge, shaking up the industry. Companies need to stay attuned to trends and be ready to respond with features that excite consumers and sustain long-term demand.
Rising Intent to Purchase EVs
More consumers than ever are considering EVs. Our survey shows a five-percentage-point increase in those considering battery-electric vehicles (BEVs) to 20% and a four-percentage-point rise in those considering plug-in hybrids (PHEVs) to 22% from December 2022 to December 2023. Meanwhile, EV skepticism has decreased, with only 19% of consumers categorically opposed to switching to EVs, down from 23%.
Increasing Comfort with Online Buying
In today’s digital world, consumers often start their car-buying journey online. One in three buyers plans to research and purchase their next car online, valuing the simplicity and speed. In China, over half of respondents are willing to buy a vehicle online, regardless of the powertrain. In other regions, online purchasing is more popular among EV buyers, with twice as many preferring it over traditional methods.
Despite the digital trend, traditional approaches remain significant. Forty-four percent of consumers value a personal connection, and 40% appreciate the opportunity to negotiate prices. Only 24% want a completely human-free experience.
Brand Loyalty Challenged
Systemic changes in the industry are causing consumers to reconsider their brand loyalties. Over 50% of respondents are open to trying a new brand when switching to electric vehicles, and this number rises to 70% for BEV buyers.
Consumer Satisfaction with Purchasing Experiences
Among consumers who bought a car in the past three years, only 53% were very satisfied with the experience. Major pain points included price transparency, vehicle availability, and process complexity. As supply chains recover from the COVID-19 pandemic, consumers are also concerned about test drive availability and long delivery times.
These issues are more pronounced in the EV market. Thirty-three percent of EV buyers regret the lack of personalized configuration options, compared to 25% of traditional car buyers. Additionally, 33% want fewer preconfigured options, and 28% desire the ability to change configurations post-purchase, compared to 20% of traditional car buyers on both counts.
When asked about desired changes in the purchasing process, respondents emphasized simplicity, convenience, higher personalization, and greater price transparency—all key features of the digital experience. Future EV buyers prioritize simplicity and personalization in the vehicle-selection process more than traditional buyers.
Planning for Disruption
The automotive retail landscape is rapidly changing, impacting every aspect of the customer journey. Consumers demand more innovation and convenience while still valuing traditional experiences. This fluidity increases competition as demand for EVs rises, deepening these trends. To thrive, both established companies and new entrants must strategically adapt, find value opportunities, and remain flexible to meet evolving consumer needs.
