Enhanced vehicle lifespan key to consumer wallet

Concerns over vehicle quality have risen following several high-profile product recalls, with more and more customers now seeking vehicles with longer lifespans, according to KPMG's Global Automotive Executive Survey 2015. The survey says OEMs have to maintain a careful balance between product quality and cost optimisation.

Auto executives believe that consumers are still fixated on traditional product issues like fuel efficiency, safety and comfort. One factor that has leapt in importance is enhanced vehicle lifespan, which was ranked just eighth in 2013, but is now the second most important factor influencing the buying decision. In fact, fuel efficiency remains customers' key priority, which is in line with their expectation that sales for small and basic models will be particularly strong.

Although car ownership is predicted to remain high across all age groups, mobility services such as car sharing are expected to see profitable growth within the next decade. The use of alternative fuel technologies remains a lower priority, suggesting strongly that, like last year's survey, the consumer purchase decision is driven more by the wallet than the conscience.