YouGov established an interesting benchmark of how electric car brands have scaled in the market.
The sentiment in Mexico about these products shows how important brand value has become.
There is an interesting segment of how valuable an innovative product is.
There are considerable elements to take into account, in the way in which an automotive brand ends up escalating before the consumer now due to its engine and this is warned by a series of considerations, such as those made in the studies of YouGov and HEY.
Confidence in electrical
Since Tesla entered the market with its model of electric and autonomous driving cars, a series of changes have been registered, even warning the consumer profile that has adapted to these new commercial proposals.
YouGov Explainthat for example, 75 percent of Mexican consumers consider electric cars as the future of the automotive industry and that until now, conditions such as low maintenance costs as well as car insurance are what motivate consumers to consider these vehicles as a strong purchase option.
If we look at the detail of the study, a very powerful insight stands out, since Mexico is the first country where a majority of 77 percent of consumers considered that if they had to choose between a hybrid, electric or internal combustion car at the same price, they would acquire the electric; while the second country to prefer electric cars is India, 73 percent; Spain, 71 percent and Italy, 67 percent.
“The report, which compiles data from consumers in 18 international markets, reveals that for 75 percent of Mexican consumers, electric vehicles are the future of the automotive industry. The only market with more enthusiasm than Mexico regarding the future of EVs is Indonesia, where the percentage is 79 percent,” the platform explains.
Like the study talking about the preference for electric cars, in this segment EY launched the eMobility Consumer Index 2022 study”where did account that the main reason why the consumer is discouraged from buying a car of this type is that 34 percent considered that there is a considerable lack of charging stations; Anxiety about the electric autonomy of the vehicle is a factor considered by 33 percent of consumers as demotivating to acquire it and 27 percent considered the cost of the unit as a problem.
Both cases are an important case of how valuable the electric car already is in mobility and in the purchase preference of the consumer, who finds in this segment a value opportunity to be able to stand out before the consumer.
These elements lead to an unexpected scenario and it is the one that has to do with the way in which brands participate in consumption today and, most importantly, how new tasks are being defined in the market based on the sales categories that products recently released generate.