Hong Kong, March 18, 20242/Getty Images/ -- In 2023, China's auto industry is booming, and new energy vehicles are developing rapidly, bringing new hope and a higher start to 2024. As consumers' focus on new energy cars gradually increases, China's leading automotive internet service platform Auto Home (NYSE Stock Code: ATHM; HKEx Code: 2518) publishes “2024 China New Energy Vehicle User Needs and Product Insights” with its professional automotive evaluation capabilities》The report analyzes the needs of new energy car users, insights into product characteristics, gives industry development suggestions, and promotes the development of the new energy car industry.
Based on Car Home's 5 billion user behavior data and a worldwide survey of nearly tens of millions of user needs, the report aims to better organize and analyze users' attention when buying a car from pre 70 to post-90 and post-95, by insight into the brand preferences of different generations of users Points and pain points. Survey results show that the factors that users choose to buy a new energy car include several dimensions such as durability, safety, quality, handling, space, reputation, retention rate, appearance and configuration; while anxiety factors mainly cover battery, life and charging, safety, used car warranty, service mode, etc.。
The electrification trend is unstoppable 2023New Year Energy Penetration Rate Achieved36%
In 2023, sales of new energy vehicles in China climbed to 727 million vehicles, with a penetration rate of 36%. In the future, the new energy market will continue to thrive. In terms of energy type, the plug-in hybrid and plug-in hybrid segment is expanding, and its penetration rate has grown from 18% to 33% between 2021 and 2023, becoming a major growth engine.
New energy users prefer Chinese brands Focus Factors Deliver Diversity
With the development of the market, the variety of products is rich, and the preferences of users are also changing. According to research data from Car Home, new energy oriented users have a higher preference for Chinese brands overall, with 63% of users more inclined towards mainstream Chinese brands and 59% more inclined towards emerging Chinese brands. According to the generations, the pre-, post-70, and post-80 preference was relatively higher for mainstream Chinese brands, while the post-90 and post-95 were relatively more preferred for overseas brands.
Overall, when purchasing a new energy vehicle, the top three factors that interest users are most concerned about are mileage, safety, and quality. From generation to generation, users of different ages have different preferences. The former 70 were more concerned with product quality and handling, the later 70 were more concerned with range and handling, after the 80 they were more concerned with space performance and product quality, and after 95 they were more concerned with appearance and configuration.
Batteries and life span are the most anxious factors in buying a car
Developed to date, after years of grinding, new energy car products are safe and mature enough, but users' car shopping anxieties cannot be ignored. Overall, the three factors that most concern users are: short battery life/high replacement cost, insufficient range, and inconvenient charging. For generations, the pre-70 were more concerned about safety; after 70 they were more worried about not having enough mileage; after 80 they were more worried about low warranty rates for used cars; and after 90 and 95, more worried about the problems of product iterations that could not synchronize with upgrades. In addition, uncertainty about pricing systems and service contracts is also detrimental to the user's car experience.
More about Motor Home
CAR HOUSE (NYSE STOCK CODE: ATHM; HKEX CODE: 2518) IS CHINA'S LEADING ONLINE SERVICE PLATFORM FOR AUTOMOTIVE CONSUMERS. According to QuestMobile data, average daily mobile users in December 2023 increased by 25.4% year-on-year to reach 6,819 million. The company's mission is to enhance the shopping and driving experience of Chinese car consumers. CAR HOUSE PROVIDES AUTOMOTIVE CONSUMERS WITH ORIGINAL CONTENT (OGC), PROFESSIONAL CREATIVE CONTENT (PGC), USER CREATED CONTENT (UGC), AI CREATION CONTENT, A COMPREHENSIVE CAR MODEL LIBRARY, AND EXTENSIVE CAR PUBLISHING INFORMATION COVERING THE ENTIRE PURCHASE AND USE CYCLE. Because of its ability to reach a large and active user base of automotive consumers, Car Home has become the preferred platform for advertising campaigns for automakers and dealers. In addition, our dealer subscription and advertising services enable dealers to market their inventory and services through the Car Home platform, expand their physical showrooms to millions of potential network users in China, and gain sales leads. We provide sales leads, data analytics and marketing services to help automakers and dealers improve efficiency and facilitate transactions. Car Home operates its “Car Shop”, a full-featured online trading platform that helps automakers and dealers facilitate transactions. In addition, we also provide other value-added services through its website and mobile applications, including auto finance, auto insurance, used car trading and after-sales services.
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