Results from a study to be released by the Polk Centre for Automotive Studies later this month indicate that, while US consumers are aware of and considering hybrid vehicles, they may not be “sold” just yet due to the additional costs associated with the technology.
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The inaugural public opinion poll from the new division of R . Polk & Co. was focused on regional and national attitudes and public awareness of hybrid technology in passenger vehicles and possible factors contributing to the adoption and success of this highly-monitored segment in the US auto industry.
“We’re seeing some pretty interesting dynamics regarding the whole hybrid vehicle agenda,” said Lonnie Miller, director of industry analysis at Polk. “Input from our recent work shows that more than 97% of those we spoke to have heard of a ‘hybrid’ vehicle. This indicates the industry is doing a great job of getting the word out about this offering in cars and trucks.”
In addition, 78% of those surveyed say they would consider buying a hybrid.
However, dollars and cents will certainly come into play when the real purchase decisions take place. 61% of those who never owned a hybrid vehicle indicate that the mere cost to buy this type of vehicle could be a deterrent to them. This mindset is reinforced by the fact that nearly 30% of respondents believe benefits they would receive from this type of vehicle would not justify the extra investment.
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By GlobalDataWith the premium for a hybrid ranging from $US4,000 – $9,000 more than a traditionally powered counterpart, selling the added benefits will be crucial.
“We see the general desire for these types of vehicles growing,” said Jeff Martini, vice president of Polk’s OEM division, “However, the compelling argument to actually buy one has to be made more strongly as automakers introduce additional models equipped with this type of technology. It’s still a ‘wait and see’ game out there, so with additional launches planned by several OEMs, it’s only going to help the ability to prove the value of owning a hybrid vehicle.”
Polk’s study also found that nearly two-thirds of participants do not agree that hybrid vehicles are a fad. “This is a good indicator of the market taking automakers seriously as the industry continues to test, improve and launch vehicles with dual sources of power generation,” said Miller.
The automakers offering hybrid vehicles today appear to have made their offerings effectively known to the masses. When asked to identify which manufacturers people believe currently sell a hybrid car or truck today in the US, Honda, Toyota and Ford were the three top mentions, respectively. Of those answering, Honda received almost 58% recognition, while Toyota received 46% of the mentions, followed by Ford receiving 27%.
“The message is certainly getting out there from the automakers that initially jumped into this space,” said Martini. “Our 2004 year-end summaries indicate that Toyota’s Prius alone commands nearly two-thirds of the hybrid segment. And from what we’re hearing from consumers, Toyota, Honda and Ford certainly lead in being associated with the hybrid category.”
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