During the next purchase cycle, hybrid ownership is expected to grow from 11% to 35% – a 200% increase – while electric vehicle ownership is predicted to rise from 5% to 19%, a 265% rise.
As a result, petrol and diesel ownership is expected to fall, with less than half of buyers saying they will choose one of these next time around. Diesel ownership is forecast to more or less halve – 23% down to 12% – and petrol is in for a 43% fall, from 61% to 35%.
But while this shows an irrefutable trajectory towards electrification, it proves that savvy dealers shouldn’t give up on petrol and diesel just yet.
#3 54% of buyers expect to be loyal to the same brand
Despite the recent influx of exciting new Chinese brands making waves in Britain, brand loyalty among those surveyed remains fairly resolute; only 19% are unlikely to buy the same brand.
This means that finding out which brands are selling well is crucial for boosting revenue. For more extensive analysis on brand loyalty, download heycar’s 2024 Buyer Report here.
#4 A direct relationship between age and the extent of joint decision-making
Men are 7% more likely to be solus decision-makers when buying a car, while solus decision-making is more prevalent among 25- to 34-year-olds compared to older buyers, where joint decision-making becomes more common.
Recognising these patterns based on age and gender can help retailers tailor their marketing strategies and customer-facing tactics to better meet the needs and expectations of their target audience.
#5 95% of drivers have at least one concern about self-driving cars
The most discerning dealers monitor current and emerging buyer trends closely while always keeping one eye firmly on the future. And when talking about the future of cars, it’s impossible to look past autonomous technology.
Right now, though, almost all drivers surveyed had reservations about self-driving cars: 44% expressed concerns about faulty software potentially causing a crash, while 40% firmly believe Britain’s roads are not yet ready for them.