Published on : Jul 31, 2017
Albany, New York, July 31, 2017: The automobile industry today is the most lucrative industry. A strong car brand can create significant value in the automotive industry. Because of the noticeable role that brand positioning and development play in many auto manufacturers’ business policies, an extensive analysis have been done to better understand how consumers think about car brands. Market Research Hub (MRH) has recently broadcasted this new study to its vast repository, which is titled as “U.S. Perceptions of Auto Brands - June 2017”. The study examines various issues and opportunities present in the market, along with current market factors which include consumer analysis, top strategies, leading companies and purchasing motivators.
Due to the increase in disposable income in both rural and urban sector, and easy finance being provided by all the financial institutes, the passenger car sales have increased. According to the study findings, one factor that could help the companies in the marketing of their product is by knowing and creating a personality for their brands. For huge success in the marketplace, brands need to intensify their strengths and weaknesses; and address them to their target audience. The introduction of new vehicle sales expected to plateau for 2017. At present, Ford, Chevrolet, Toyota, and Honda are the top four brands in sales.
The buying behavior of the customers can be studied by knowing their perceptions about the cars in the market. The survey scores reflect how consumers notice each brand in seven categories: safety, quality, design, value, performance, environmentally friendly/green and technology/innovation. The research studies that brand perception for automotive companies is critical to success since consumers are so occasionally in the market for a vehicle. Past experiences, reputation, and word of mouth are crucial factors that play a role in shaping consumers’ choices before they even decide on what to purchase. According to the report, outside of top four, other brands struggle in brand perception. Ford and GM seek to rebrand as mobility companies.
Moreover, the research studies that in U.S. younger women are less brand loyal than men and older women, while convertible and sports car shoppers self-identify with brands. The report then analyses the major opportunities that are expected to drive the market, such as SUVs and crossovers are currently in high demand. Major factors analyzed in the study are:
- Recalls and scandals can turn shoppers away
- Low gas prices put less emphasis on fuel efficiency
- Longer-lasting vehicles impact purchase decisions
Later, the report focuses on the factors influencing perceptions, customer attitudes toward domestic and foreign brands, vehicle types considered in the U.S., brand perception by gender, generation, rare/ethnicity, body style interest and by hybrid, electric and minivan shoppers in 2017.
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