After conducting in-depth automobile consumption surveys on 3,500 consumers, Gao Xu, a senior director of McKinsey Global, found that there have been some interesting changes in the Chinese auto market: 60% of consumers no longer think that cars are status symbols, high cost of car maintenance, traffic jams The use of taxis and other applications has caused the attraction of private cars to diminish; consumers buy cars more cost-effective, and more than half of consumers consider buying used cars; in the past five years, consumers’ interest in electric vehicles has tripled, two-thirds The new energy vehicle owner expressed satisfaction.
On April 21st, McKinsey released “Looking for the Fast Track: A New Trend in the Development of China's Automobile Market†in Shanghai. Gao Xu, who is also the head of McKinsey's automotive consulting business in Asia, told reporters that China's economic growth has slowed down and consumer mentality has changed. The Chinese auto market will enter the downtrend channel. From 2010 to 2015, China's new car sales will grow at a rate of 12% per year, but by 2020, the growth of new car sales is expected to slow down to 5% per year.
"However, for automakers, dealers, and service providers, the Chinese auto market still has great potential to be tapped. The demand for used and shared vehicles will increase significantly in the next few years," Gao said.
Don’t have to buy a car
The survey found that although half of the car owners surveyed considered the car to be a necessity, about one-third of the car owners said they needed a private car, but the private car was not as attractive as it used to be.
This change comes from the psychological changes of car buyers.
Because of the popularity of cars, McKinsey found that 60% of consumers believe that cars are no longer a symbol of status. 47% of consumers said that the cost of car maintenance and serious traffic jams make private cars less attractive. 37% of consumers bluntly say that it is not so important to have a private car because of the various mobile modes of travel.
Moreover, new travel services such as taxi applications and carpooling are changing consumer behavior. The McKinsey survey found that digital consumers used mobile O2O services to reduce private car travel by 20%, and by 2030 it would cut sales of new cars by 4 million vehicles per year.
Consumers also pay more attention to cost-effectiveness when buying a car.
McKinsey's survey of Chinese high-end car consumers five years ago found that consumers only put the budget factor in the fourth place, and this survey, the budget has been raised to the second place, second only to the brand.
This also makes used cars more and more popular. According to the survey, nearly half of consumers have considered buying used cars during their last purchase, because the price is lower and the same money can buy a better one.
However, consumers still have concerns about buying used cars. The most common concern is the fear that the vehicle file is not authentic and the credibility of the former owner. Do not trust the dealer's warranty commitment is also a big reason.
Gao Xu said that the acceptance of used cars by consumers has been greatly improved, the used car market will have great development, and the automotive after-sales market will have a lot of room for development. Venture capital and private equity funds are paying attention to this market. .
Interest in new energy vehicles soars
McKinsey's 2011 and 2016 automotive consumer surveys found that consumers' interest in electric vehicles has tripled in the past five years.
Gao Xu explained that because of government subsidies, tax incentives and lower cost of use, electric vehicles have great advantages, and in some first-tier cities such as Shanghai, electric vehicles are easier to put on cards.
“I recently exchanged the Chinese auto market with the executives of two auto companies. Their most concern is how the new energy auto market will develop. They are considering whether the company needs to develop new energy auto products. The development of new energy vehicles overseas is not these companies. The focus of research and development, but the Chinese market is very large, and the government vigorously promote and support the new energy vehicle market." Gao Xu said.
However, Finance Minister Lou Jiwei recently publicly stated that new energy auto companies are over-reliant on government subsidies, and subsidies for new energy vehicles will gradually decrease, and will be withdrawn after 2020.
Gao Xu told reporters that government subsidies are an important factor for consumers to purchase new energy electric vehicles, but the development of new energy vehicle market cannot rely solely on state financial subsidies. If the subsidy is abolished, but at the same time other supporting services are followed up, the new energy vehicle market can still maintain rapid growth.
The McKinsey survey found that the development of the new energy vehicle market still faces some obstacles. In the survey of non-electric vehicle owners, 32% said that the limited number of charging piles is the main reason why they do not buy electric vehicles. 20% think that the price of electric vehicles is too high, 19% worry about technical failures, 16% People worry that the charging process is too long.
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