An independent market research firm, TideWatch, has discovered that wireless charging technology is profoundly disrupting brand loyalty among luxury Electric Vehicle (EV) buyers. The technology has become a significant deciding factor, with almost 90% of the respondents expressing openness to consider other brands if wireless charging is offered. This research was commissioned by WiTricity, aiming to understand the dynamics behind luxury EV buyers’ decision-making process.
Why It Matters
WiTricity’s CMO, Amy Barzdukas, asserts that the modern buyer equates luxury with technology. With wireless charging technology sitting at the intersection of convenience and advanced innovation, it holds the potential to sway luxury buyers from their current brand loyalties. This disruptive shift could dramatically reshape the landscape of the luxury EV market.
Key Points
- The study analyzed 603 luxury vehicle owners, finding that 83% plan to buy an EV in the next 18 months, with 95% likely to consider their current luxury brand first.
- Around 80% of luxury EV buyers expect their brand to provide the latest technology and guarantee it will have a lifespan equal to or longer than traditional gasoline or diesel vehicles.
- Over 75% of the respondents indicated that wireless charging would make them prefer an EV, a feature they’re willing to pay more for. This presents a unique opportunity for luxury brands to differentiate their EVs and gain new buyers.
- The cost associated with wireless charging doesn’t affect buyers’ interest, with most agreeing that it enhances their overall experience. Furthermore, approximately 75% of buyers are very or extremely likely to buy the full wireless system from the dealer, suggesting potential additional revenue for dealerships.
Bottom Line
Wireless charging technology is seen by the majority of luxury EV buyers as a fulfilment of their brand’s promise. Around 80% of those surveyed said the availability of this technology would increase the likelihood of them purchasing from their current vehicle brand. The future of auto brands and customer loyalty appears to hinge on technological innovation and clear communication with consumers. As buyers expect their brands to offer wireless charging, it’s a clear demonstration of a brand’s commitment to quality and innovation.
For further information and to access the full report, please click here. For more details about WiTricity’s automotive solutions, visit the WiTricity website.
