A survey by Klynveld, Peat, Marwick, Goerdeler (KPMG) in 2014 showed that consumers have a series of criteria in buying a car, in addition to economical fuel.
Fuel efficiency is still a major consideration (92% of respondents). This is reinforced by the high increase in fuel prices in 2014. The period of car usefulness also emerged as an important factor (70% of respondents).
Alternative fuel technology is no longer the major factor in the economy. Less than half of the respondents considered it important. Eco-friendly cars as well as the exterior appearance turned up an important consideration people to buy a car.
More consumers in the automotive markets of Brazil, Russia, India, and China (BRIC) demand environmentally-friendly cars since pollution is higher in some major cities in those four countries.
Survey also showed that technological solutions on the car become an important choice. Consumers want a car equipped with software or auxiliary devices (connected drive). These additional features are currently still relatively expensive. But in the future manufacturers still have opportunity to increase revenue through technological features as well as other services that provide added value.
Graphic below shows the factors that influence consumers’ purchasing decisions.
