• by Tanya Gazdik , May 13, 2024

Automotive marketers have an opportunity for nabbing conquest buyers like never before, according to a new report. 

Consumer loyalty is taking a backseat, with a staggering 82% of respondents open to switching brands, according to Teads in its latest global report, "Shifting Gears: Understanding the New Dynamics of Auto Buying Worldwide."

The research, conducted across 17 markets, aims to shed light on the key motivations and emerging trends for auto buyers around the world.

A significant portion of consumers (42%) are devoting two weeks or less to researching brands and models. To succeed in this environment, reaching consumers early and maintaining consistent engagement throughout their research journey is critical, according to the report. 

Sustainability is a key buying factor, with 42% of consumers solely considering hybrid or electric vehicles. However, this trend varies regionally. 

Consumers in Mexico, Brazil, and the U.S. are still showing a strong reliance on gas engines. Those in Italy and Spain are moving away from gas engines, but primarily focusing on hybrid options. France and Singapore consumers are showing the fastest adoption of both EVs and hybrids.

Buyers continue to do car research online, with 43% of those surveyed saying online resources are now more important than ever, and half of all car buyers beginning their research into different brands and models online. This digital showroom shift demands automakers prioritize a user-friendly and informative online presence. 

While online resources are crucial, car buyers still value trusted sources like manufacturer websites, according to the report. 

However, the power of online ads cannot be underestimated. They inspire  81% of consumers to take action, particularly younger demographics and EV considerers. 

What encourages users even more to consider a brand is to see it advertised across multiple screens (56%), highlighting the effectiveness of omnichannel marketing campaigns that combine online and TV advertising for a broader reach.

Given the shortened decision-making timeframe, maintaining an always on presence is crucial for automotive marketers, according to the report. Brands must engage potential buyers continually prior to and throughout their research journey, influencing them as the relevant set of options shrinks.