LexisNexis Risk Solutions announced that its second annual U.S. automotive brand loyalty study indicated that brand loyalty has increased in 2024, trending toward pre-pandemic baselines.
The study also examined the shifting consumer preferences regarding engine type as traditional reliance on internal combustion engines (ICE) waned in favor of hybrid or electric vehicles (EV).
To track fuel type migration, LexisNexis Risk Solutions analyzed new vehicle owners who replaced one new vehicle with another. Fuel type loyalty was determined when the fuel type of the replaced vehicle matched that of the new one.
Key Observations
“In light of 2023, the increased inventory on dealer lots is providing consumers with a wider range of options, which is a significant shift from the challenges they faced in 2023 when limited supply often led to brand switching,” said Dave Nemtuda, AVP, Connected Car, LexisNexis Risk Solutions. “While affordability remains a headwind for many consumers seeking new or used vehicles, the industry’s upward trend in brand loyalty is a positive signal of brand strength. This is especially critical as automakers navigate rising inventories and evolving consumer preferences, particularly toward EV and hybrid powertrains in the post-pandemic market.”
Through automotive brand loyalty study, LexisNexis Risk Solutions offers automakers (OEMs) a unique view of the relationship between U.S. consumers and their changing vehicle preferences.
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