- In Insights
As we have noted previously, China is the dominant force in the global electric vehicle (EV) market. In this chart, we see how China's share of EV sales compares to other key markets.
In light of the changing automobile industry, a study by McKinsey & Company reveals that consumers are growing increasingly comfortable with purchasing vehicles online. Conducting research online has become a first instinct for most car buyers. A third of buyers go further, stating that they would make the actual purchase online as well. In China, this number rises to more than half of respondents. Furthermore, EV buyers are even more likely to purchase online.
In addition, the electrification also indicates a shift in brand loyalty. According to McKinsey & Company, over 50% of respondents would consider a new brand when purchasing an EV.
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