Changing consumer expectations continue to influence the automotive industry

21/11/18
  • Over half of consumers still visit dealerships when researching their next automotive purchase
  • Just 1% of respondents currently own an electric vehicle
  • The majority of people think most vehicles (80%) on the road will be electric by 2025

LONDON, November 15, 2018Assurant, Inc. (NYSE: AIZ), a global provider of risk management solutions, recently exhibited at the Automotive Management Live trade show in Birmingham. Joining members of the automotive community from all over the country, the Assurant team was able to demonstrate its leadership position in the industry which its acquisition of The Warranty Group in May has further underscored.

Rich Green president, automotive, Assurant Europe, said “The digital revolution continues to drive consumer expectations, which in turn influence innovation in the automotive industry. Changing ownership models, from cars to phones to homes, mean we must remain responsive to the needs of our customers.

“Our own recent research showed that online sites are a key resource for almost all those we surveyed who were considering buying or leasing a new car, with dealer websites and third-party sites routinely consulted. Approximately 38% of consumers who do their research online think it’s the best method of research. However, more than half of the consumers surveyed visited multiple physical dealerships, showing that this touchpoint still plays an important role in the buying decision.”

The research also looked at the future with respondents. Consumers surveyed think most vehicles (80%) on the road will be electric by 2025, which contrasts with data from Chargemaster in the UK which predicts that with the current growth in registrations, 60% of new cars will be electric by 2030. Despite believing electric vehicles will be well in the majority by 2025, only 1% of consumers Assurant surveyed currently own an electric vehicle. Their main reasons for not buying an electric vehicle include range anxiety, cost and a lack of infrastructure.

Rich says, “Electric vehicles are an exciting technology and will be transformative for the automotive industry and consumers alike. Along with all the work being done with autonomous vehicles, it’s a dynamic time in this sector.

“Of the consumers we surveyed, 80% think most vehicles (80%) on the road will be fully autonomous in 2053. Our roads and communities are going to look very different in less time than we think and we remain committed to creating tools and services that enable a more connected lifestyle and keep our consumers’ lives running smoothly.”

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