To understand consumer sentiment toward IHS Markit forecast technologies, the Connected Car research team conducts an annual consumer survey that serves as a quantitative input to the forecast. By asking vehicle owners of certain model years a series of questions to gauge activation decisions, subscription lengths and costs, feature desirability, and willingness to pay, IHS Markit analysts are able to develop Feature Desirability and Willingness to Pay indices that are then factored into the Connected Car Forecasts. Through statistical analysis and machine learning, IHS Markit analysts are able to extract key factors and weights (coefficients) that explain an application’s feature desirability score and how much consumers are willing to pay for it.
The 2021 IHS Markit Connected Car Consumer Survey asked more than 8,000 global participants questions regarding connected vehicle services to understand consumer sentiment toward connected features and paid functional updates, feature preferences, as well as their willingness to pay. Results showed respondents value connected services related to Safety & Security and Navigation the most. Connected services related to Infotainment, such as Marketplace and Concierge Services, tend to frustrate consumers and therefore are not as desired in their next vehicle. The survey not only examines whether consumers are willing to pay for connected services but also how much they are willing to pay.