Savanta and AEHRA™, the first pure-play Electric Vehicle (EV) manufacturer in Italy, have collaborated on one of the most comprehensive and in-depth surveys into potential purchasing intent behaviors of ultra-premium EV customers. The results bring a fresh understanding to the growing EV market.
The average age of consumers interested in purchasing luxury EVs has decreased by more than a decade since earlier research with the Millennial age range most likely to consider an EV during their next vehicle purchase.
According to Savanta Chief Global Research Officer Dr. Nick Baker, the average age for consumers likely to purchase a premium EV is in the lower 40s, compared to earlier data that showed buyers to be in their 50s and mostly male. Savanta’s findings also demonstrated that women are now equally as interested in premium EVs that emphasize comfort and sophistication as their male counterparts.
Both of these results stemmed from the pivotal question: “The next time you purchase a vehicle, how likely are you to seriously consider purchasing an electric vehicle?”. With nearly equivalent responses, 53% of men and 51% of women reported to be highly-likely, thus indicating that when it comes to purchasing premium EVs, the tendency is gender-equal.
Additionally, among age demographics, 44% of Gen-Zers (18-25 years old), 61% of Millennials (26-49 years old), 47% of Gen Xers (50-64 years old), and 37% of Boomers/Silent Gens (65+ years old), reported to be likely to seriously consider purchasing a premium EV. Meaning the average age of consumers interested in purchasing luxury EVs has decreased by more than a decade since earlier research and that the Millennial age range is most likely to consider an EV during their next vehicle purchase.
Another fascinating data point Savanta found was the expectation of a highly-personalized, end-to-end, customer experience, which was a key driver for survey participants considering purchasing an ultra-premium EV.
The study, which utilized a methodology of more than five thousand quantitative surveys, spanning multiple countries and generations, also revealed that vehicle prestige, design, space, comfort, power, and performance, were also crucial decision-making factors.
“With AEHRA’s support, Savanta has been able to execute one of the most intensive, far-reaching, and revealing surveys into customer behaviors and attitudes toward the global ultra-premium EV market,” said Baker. “By unearthing the views of the participants across a multitude of ages, demographics, and geographical regions, the findings deliver greater clarity and cognizance of the sector. The younger than anticipated age for buyers considering an ultra-premium EV purchase and the fact that interest is split almost equally between men and women are two of the perhaps more surprising findings to emerge. While the clear demand for a significant improvement in customer experience should act as a clarion call for all OEMs and startups with aspirations in the sector.”
Additional significant findings included:
❖ Seven Distinct Customers Emerged: All Around Aficionados (Average Age 42, Car Enthusiast, Luxury Brand-Centric), Buyers And Choosers (Average Age 37, Car Enthusiast, Personal Touch, Luxury Brand-Centric), The Prestige Pursuers (Average Age 34, Luxury Brand-Centric, Personal Touch), Custom Car Chasers (Average Age 51, Car Enthusiast), The Wanting Aspirationals (Average Age 42, Personal Touch), Old Fashioned Standards (Average Age 56, Appeal Of EV), and Time Trusted Traditionalists (Average Age 53, Car Enthusiasts).
❖ Need For Omni-Channel Customer Experience: Use of digital buying apps is on the rise, but it will complement physical retail locations.
As a revolutionary new global ultra-premium electric automotive brand, AEHRA worked with Savanta for this ground-breaking study to gain the fullest possible understanding of its potential customer audience. The research unearthed by Savanta will enable AEHRA to focus on developing innovations that appeal to its target audience and create a more personalized experience at every stage of the customer journey.
“Working with Savanta to conduct one of the most authoritative studies into EV customer behavior ever undertaken provides AEHRA with invaluable lifestyle, psychographic, and demographic insights surrounding our potential customers. It empowers us to further meet customer needs and desires as we follow our roadmap to market with the AEHRA SUV and Sedan in 2025,” said Andy Abramson, AEHRA global chief marketing officer. “The fresh perspective revelations, such as average customer age and almost equal male and female interest, resonates perfectly with AEHRA’s determination to rethink the entire EV ecosystem. While the priority placed on enhanced customer service confirms the efficacy of AEHRA’s strategy to eclipse all existing standards for the end-to-end purchasing journey.
To see a more comprehensive, visual representation of the segmentations and details on the research conducted, please click here.