Six in 10 Asian consumers express preference for hybrid EVs: Study
Sixty percent of Asia Pacific consumers will opt for hybrid electric vehicles (HEVs) in the near future, according to a study released on Monday.
The “Automotive Ecosystem Vision Study” found rising demand for HEVs, with 53% of global consumers revealing a stronger preference to purchase hybrids, rising to 60% in Asia.
The study, conducted by digital solutions provider Zebra Technologies Corp, surveyed 1,336 respondents from around the world, including industry decision-makers, fleet managers, and consumers.
The findings confirm automakers' pressure to meet rising consumer demand for EVs, said Tan Aik Jin, vertical solutions marketing lead APAC, Zebra Technologies.
Sixty-eight percent of global automotive industry decision-makers and 60% in Asia Pacific reported they were under intense pressure to produce next-generation vehicles.
Furthermore, 75% of them, and 71% in Asia-Pacific, reported intense pressure to deliver products that are more eco-friendly, sustainable, and environmentally safe.
The study also indicated that consumers of all ages are pushing automotive manufacturers to accelerate technological innovation, with eight out of 10 identifying sustainability and eco-friendliness as top priorities in their vehicle purchase and lease decisions.
In Asia, vehicle sustainability was a priority for 92% of Gen Xers (age 43-58), followed by 85% of Millennials (27-42) and 72% of Baby Boomers (57-75).
The survey also found a growing emphasis on personalisation – the ability to customise a vehicle. Almost four-in-five consumers said personalisation options influence their decision to purchase a vehicle, and eight in 10 fleet managers agreed on the importance of sustainability and personalisation.
When comparing Asia Pacific consumers to their global counterparts, 86% prioritise personalization options in their purchasing decisions, and 92% of fleet managers share the same requirements.
According to Tan Aik Jin, automotive decision-makers must invest more in the right technologies to help formulate a robust manufacturing infrastructure to better serve this growing customer demand.
Priorities should be focused on increasing automation, developing in-house technologies, and increasing visibility across their respective production and supply chains, he said.
The 350 Asia Pacific respondents were polled in India, Greater China, Japan, and South Korea. Azure Knowledge Corporation, a third-party research firm, collected and tabulated all data.
The findings also coincide with automotive manufacturers' eagerness to invest in technological innovation, with 74% globally and 69% in Asia Pacific expecting to increase their tech spend in 2023, while 67% globally and 63% in Asia Pacific expect to increase their manufacturing infrastructure spend despite a fluctuating economy.
