31% of Car-Free Global Consumers Plan to Buy a Car Within 6 Months

[Asia Economy Reporter Park Jihwan] Due to the COVID-19 pandemic, preference for private cars has increased, with over 31% of global consumers who do not currently own a vehicle expressing an intention to purchase one within the next six months. Notably, nearly half of those consumers hoping to buy within six months belong to the Millennial generation (aged 24?39).

According to EY Hanyoung, a global accounting and consulting firm, EY recently conducted the "2020 EY Mobility Consumer Index" survey reflecting these findings. EY surveyed 3,300 consumers worldwide in August for this study.

The survey results showed that 31% of consumers who currently do not own a car intend to purchase one within six months. Among those expressing purchase intent within six months, 45% were identified as Millennials. This indicates that the 20s and 30s age group, who had primarily used shared cars or public transportation, are now shifting back to vehicle ownership due to COVID-19.

Among current car owners, 23% stated they plan to replace their existing vehicle, and 19% intend to buy an additional private car.

Regardless of vehicle ownership status, consumers planning to buy a new car within six months cited health and safety concerns related to COVID-19 as the main reasons. Among car owners intending to purchase an additional vehicle, 53% pointed to COVID-19 as the reason.

Seventy-eight percent of respondents said they are more likely to use cars as their primary mode of transportation after COVID-19. Among those who said they would use cars more frequently, 52% were Millennials.

Among consumers planning to buy a new car, 71% preferred traditional internal combustion engine vehicles such as gasoline or diesel cars. Demand for pure electric vehicles was only 6%, while 23% intended to purchase hybrid cars.

John Simlett, EY Global Future Mobility Leader, explained, "The phenomenon of Millennials leading car purchase demand was unimaginable just a year ago. Especially, the increasing interest of the 20s and 30s generation in non-electric vehicles signifies the formation of a new market."

He advised, "The automotive industry should pay attention to the fact that the car market is being reorganized in a different direction due to COVID-19."

This content was produced with the assistance of AI translation services.