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Car Buyers and Shoppers Crave Advanced Technology, Study Shows

July 26, 2016

SOUTHFIELD, Mich. — Findings from a new IHS Automotive global consumer survey reveal that advanced technologies and increased connectivity are driving consumer preferences as they consider new vehicles.

By 2020, according to the survey, connected vehicles will account for 55% of annual global new-vehicles sales. By that point, nearly half of the global fleet of vehicles in operation will be connected in some way, the study predicted.

More than 4,000 vehicle owners who planned to purchase a new vehicle within the next 36 months were surveyed. Respondents originated from four key automotive markets: U.S., China, Germany and the United Kingdom.

One of the most sought after features, according to the study, were advanced driver assistance systems (ADAS). However, while respondents expressed interest, most of them indicated a reluctance to pay for this feature. U.S. consumers were the exception; they indicated a willingness to pay between $427 and $505 for the feature.

Unlike ADAS, infotainment systems were viewed by consumers as a feature worth paying for, with 74% of respondents indicating they would be willing to pay for software updates to improve or add functionality to the systems.

As for autonomous vehicles, nearly 33% of respondents indicated they would be interested in buying and riding in a self-driving car. That percentage increased to 50% among Millennials, however.

IHS Automotive recently forecasted that 21 million vehicles featuring some form of autonomy will be sold in 2035, the firm noting that millennials could make up a large share of the initial customer base for these advanced vehicles.

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