After years of pent-up demand, car shopping is back. According to Mintel, 40% of US consumers are looking to purchase a new vehicle in the next year.1 Although S&P Global Mobility reports that brand loyalty is on a rebound since it’s 8-year low in 2022, a recent Cars.com survey found that 75% of its website users said they were undecided on a make or model, signaling an opportunity for brands to gain new consumers.2 In our latest infographic, we explore which brands remain top-of-mind for consumers, the electric vehicle landscape, and key digital shopping habits.
After years of pent-up demand, car shopping is back. According to Mintel, 40% of US consumers are looking to purchase a new vehicle in the next year.1 Although S&P Global Mobility reports that brand loyalty is on a rebound since it’s 8-year low in 2022, a recent Cars.com survey found that 75% of its website users said they were undecided on a make or model, signaling an opportunity for brands to gain new consumers.2 In our latest infographic, we explore which brands remain top-of-mind for consumers, the electric vehicle landscape, and key digital shopping habits.
The Reviews Are In…
According to Cars.com data, these are the best-reviewed brands on the site.
Loyalty Study Reveals Consumers’ Favorite Luxury and Mass Brands
Luxury Auto
Porsche
Mercedes-Benz
Luxury SUV
Volvo
BMW
Mass Auto
Toyota
Honda
Mass SUV
Subaru
Toyota
Mass Truck
Ford
Toyota
Toyota is the only brand consumers claim loyalty to across all mass categories.
Consumers are Plugged into the EV Market
According to car shopping website Edmunds, the electric vehicle market share is expected to rise slightly, to claim 8% of the new vehicle market.3
Tesla Takes First Place in EV Sales
While X (formerly Twitter) may be struggling, Musk’s Tesla leads in the EV marketplace.4
10 Best-Selling Electric Vehicles by Model
Digital Road to Auto Purchase Accelerating
Although the auto buying experience may originate online, when spending on a new or pre-owned vehicle, most shoppers still want to see, touch, and experience it in real life.
KEY FACT: While 95% of vehicle buyers use digital as a source of information, only 29% of all car shoppers want to buy their car entirely online.
SOURCES:
Mintel Vehicle Financing US 2023
S&P Global Mobility, US Top 10 Industry Trends, December 2023
JD Power Brand Loyalty Study 2023
Reuters US Report: New Vehicle Sales Rise 2024
10 Best Selling Electric Cars of 2023
Autotrader How Online Car Buying Will Look in the Future