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Affordability, new technologies key drivers in buying vehicles, with EVs leading the choice
- IBJ Bureau
- Jul 27, 2026
Rising concerns over affordability, growing interest in electric vehicles (EVs) and advanced technologies, and changing preferences of mobility are reshaping the global automotive and transportation landscape, according to a recent report by McKinsey.
The report is based on a survey of more than 20,000 mobility users across China, Germany, Japan, the United Kingdom and the United States.
McKinsey says in its report that financial pressures are increasingly influencing decisions on purchasing a vehicle.
According to the report, around 32 per cent of the respondents plan to postpone their next vehicle purchase because of financial constraints.
Meanwhile, 45 per cent of them admit that they will consider buying a smaller vehicle than what was originally planned to remain within budget.
However, consumers are not willing to compromise significantly on quality or technology.
Value for money is cited as one of the most important purchase criteria by 60 per cent of the respondents, while expectations for advanced features remain high.
Electrification continues to gain momentum, although adoption varies significantly across markets.
China leads in interest in EVs, with more than 80 per cent of the respondents indicating that their next vehicle is likely to be an EV.
The figure is around half in Europe, 37 per cent in Japan and 36 per cent in the United States.
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