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 (MY) 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 2022 IHS Markit Connected Car Consumer Survey asked almost 8,000 participants around the world questions regarding vehicle connected services to understand consumer sentiment toward connected features and paid functional updates, feature preferences, as well as their willingness to pay. Results showed respondents most commonly subscribed to maintenance-related connected features and services. More than half had purchased paid functional updates, typically in safety or navigation features. Overall, respondents increasingly trust automakers with the vehicle data over technology companies.