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Nielsen: 2015 Ultimate Market Report on China's Automotive Industry
Release time:
26 Nov,2015
Source: Nielsen Market Research
Nielsen recently conducted the 2015 Nielsen Automotive Market Joint Survey, surveying 700 car buyers in cities of different levels nationwide, including existing car owners and potential users. This included three reports: 1) automobile license plate restrictions research, 2) new energy vehicle consumer research, and 3) body type preference. These reports interpret the hot topics and consumers in the Chinese automotive market under the new normal.
Based on this survey, Nielsen and the China Association of Automobile Manufacturers jointly released the "China Automotive Consumer White Paper" for the fourth consecutive year. Dong Yang, vice chairman and secretary-general of the China Association of Automobile Manufacturers, said: "Since 2011, the growth rate of the Chinese automotive market has continued to slow down, dropping from 24% to 6.8%. Affected by the overall Chinese economy and the slowdown and stabilization of GDP growth, the Chinese automotive market has entered a new normal. The new energy vehicle market is developing from the demonstration stage to the growth stage, and China is expected to become the world's largest electric vehicle market. Therefore, the rapid development of the new energy vehicle market is, in my opinion, an important part of the new normal."
1. How much do you know about automotive policies? The control of the number of passenger cars affects car buying behavior.
Since 1994, Shanghai became the first city to implement control over the number of passenger cars. Since then, eight first- and second-tier cities, including Beijing, Guiyang, Guangzhou, Tianjin, Hangzhou, Shenzhen, and Shijiazhuang, have implemented relevant policies. These policies aim to curb traffic congestion and reduce air pollution, but they have also had a certain impact on consumer car-buying behavior.
Although 51% of respondents said that this policy did not affect their car purchase plans, 16% of respondents would consider buying new energy vehicles, 13% would change their original plans and buy vehicles earlier, 11% would consider delaying purchases, 7% would buy different models, and another 7% would consider buying vehicles with out-of-province license plates.
2. New energy vehicles are attracting attention and may become the stars of tomorrow?
Nielsen's research found that new energy vehicles have developed rapidly in recent years and are considered a future trend. Consumers' acceptance of new energy vehicles is also gradually increasing. They not only believe that new energy vehicles are a trend, but buying them makes them feel they are contributing to energy saving and environmental protection. At the same time, they also believe that luxury brands should launch more new energy vehicles to dominate the market. The rapid growth in sales of plug-in hybrid vehicles and pure electric vehicles in the past one or two years also reflects the market potential.
At the same time, the consideration of purchasing new energy vehicles and subsidy policies are highly positively correlated, meaning that consumers who know about subsidy policies have a higher degree of purchase consideration. Therefore, it is necessary to let consumers know about subsidy policies.
In the first half of 2015, more than 10 industry policies and standards related to new energy vehicles were introduced or implemented. The number of new energy vehicle demonstration cities increased to 89, and price subsidies for electric vehicles began to be gradually promoted. However, the Nielsen report shows that, the overall awareness of new energy vehicle subsidy policies is not high, only 53.9% , only the three first-tier cities of Shanghai, Beijing, and Shenzhen exceeded this average level, while other surveyed cities such as Hangzhou, Guiyang, and Chengdu ranged from 16% to 28%. In fact, consumers' willingness to buy new energy vehicles is highly correlated with their awareness of subsidy policies. Among consumers who understand new energy vehicle subsidy policies, 57% are willing to consider buying new energy vehicles, while this proportion is only 38% among those who do not know about the subsidy policies. 。
Of course, in the current market, consumers also have different levels of awareness and purchase considerations for different types of new energy vehicles. Hybrid vehicles have the highest awareness and purchase consideration . Although pure electric vehicles have much higher awareness than plug-in hybrids, there is not much difference in purchase consideration.
The reason for the large gap between the awareness and purchase consideration of new energy vehicles is mainly due to some concerns that consumers still have about new energy vehicles. In the general market, hybrid vehicle buyers are more concerned about fuel efficiency. In the luxury car market, hybrid vehicle buyers pay more attention to engine power. The battery is the most important issue for plug-in hybrid and pure electric vehicle buyers. In addition, driving range is also a major concern for pure electric and plug-in hybrid vehicle buyers. In pure electric drive mode, consumers expect the driving range of pure electric vehicles to be even higher than that of plug-in hybrid vehicles, but at the same time, they also want to ensure that the charging time is similar.
3. A dazzling array of vehicle types? SUVs still have room for growth.
When buying a car, consumers not only understand various models but also have different buying motives for each model. Currently, consumers' motivation for buying station wagons is still to meet basic transportation needs. If they need leisure travel or to improve their living standards, more consumers will choose to buy SUVs. Consumers who choose to buy 7-seat SUVs are more likely to want to show their social status through their car.
Consumers also have various concerns when faced with many vehicle choices. When buying larger vehicles such as SUVs and MPVs, consumers are more concerned about high fuel consumption and the inconvenience caused by large vehicles during parking. At the same time, the lack of attractiveness and limited choices of station wagons are considered factors that affect consumer choices.
What kind of vehicle do consumers want to buy? Which model will be popular in the future? The survey found that 28% of consumers intend to buy a 5-seat SUV in the next 6 months, and 3% chose a 7-seat SUV. Compared with the current actual consumer share of 26% for SUVs in the market, it is not difficult to find that SUVs still have great potential for development in the future.
With the continuous improvement of consumers' living standards, SUVs can better meet consumers' needs for improving their living standards and leisure travel, and their functionality is more affirmed. On the other hand, due to the continued popularity of SUVs, automakers continue to launch new products, which has stimulated consumer spending, including not only first-time buyers but also many "repeat customers."
Although SUVs are very popular, the station wagon market still has huge potential. Currently, the station wagon market is not very competitive, and consumers do not know much about station wagons. When consumers begin to realize that station wagons are also a good choice for travel, this model will gradually become popular and become a star model.
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