2021 McKinsey Automotive Consumer Insights

Release date: 2021/5/8 14:56:07 | Publisher: Shenzhen Cptele Electronics Co., Ltd

 

According to the "2021 McKinsey Automotive Consumer Insights" released by McKinsey & Company, a global management consulting company, in Shanghai on the 9th, the report "Trends Lead the Way and Break the Waves: Accelerating Comprehensive Transformation and Leading the Post-Epidemic Era" shows that as the epidemic is gradually under control, market sales and consumers' willingness to buy cars have recovered rapidly. Although China's auto market continues its downward trend, there are still many bright spots, ahead of the recovery of the global passenger car market.

China's overall passenger car market continued its downward trend since 2018 in 2020, but the new energy vehicle segment has sprung up and achieved enviable sales growth. Taking 2020 as an example, despite the negative impact of declining subsidies and the shrinking 2B market, the scale of private purchases of new energy vehicles increased by 60% year-on-year, driving the overall new energy vehicle market to achieve double-digit growth. The proportion of new energy vehicles in the overall passenger car market also rose against the trend, reaching nearly 6 percentage points.

McKinsey's research over the past few years shows that Chinese auto consumers have become more and more receptive to new energy vehicles: for example, the proportion of consumers willing to consider buying new energy vehicles has risen from 20% to 63% between 2017 and 2021; The performance of the high-income group (monthly household income > 48,000 yuan) is even more prominent, with nearly nine-tenths of consumers saying they are willing to buy new energy vehicles.

Against this backdrop, McKinsey observed that China's auto market and consumer behavior have a significant impact on brand choice, car purchase journey, and new energy vehicle preference

 

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