Global Automakers Face 58% China Tech Demand as 68% of U.S. Buyers Still Prioritize Price
Updated
Updated · CNBC · Oct 21
Global Automakers Face 58% China Tech Demand as 68% of U.S. Buyers Still Prioritize Price
3 articles · Updated · CNBC · Oct 21
Summary
Bain’s latest automotive survey shows car buyers increasingly want both low prices and better technology, with tech ranking as a top purchase factor for 58% of Chinese consumers.
Price still leads in Western markets—cited by 68% of U.S. buyers and 62% in Europe—but Bain says competitive pricing is becoming a baseline there too, making technology a bigger differentiator.
Chinese competition is sharpening that pressure in Europe: China’s vehicle exports to Italy more than doubled to 209,258 units in January-August, while shipments to the U.K. rose about 86% to 365,672.
Brand loyalty is also weakening, eroding a long-held advantage for established carmakers; more than a third of Western consumers are open to new brands, especially buyers seeking autonomous-driving features.
Bain says Chinese challengers must build brands while Western incumbents upgrade technology, and both sides still need to keep prices competitive as the industry consolidates.