The automotive market is constantly evolving, and the growth potential of electrified vehicles is a key change in the last few years. Consumer interest in electrified vehicles is trending up, with clicks showing +185% growth above the category average since 2019.
Microsoft Advertising Insights set out to explore how this is affecting the auto market by looking at search network trends, cross-searching and the most common questions consumers may have as they begin their search process for electrified vehicles.
Some key findings of our analysis include:
- Original Equipment Manufacturers (OEMs) are increasing their electrified clicks on all strategies. The current top strategies for ad investment include: retention (+110% YoY), conquest (+89% YoY) and segment (+79% YoY).
- Shoppers are cross-shopping for electrified vehicles, with 15% of shoppers searching for two or more models with distinct fuel types.
- Shoppers are often confused on electrified vehicles and sustainable shoppers ask 263% more questions than the average automotive user.
- Electrified vehicles are expected to reach manufacturing cost parity with gasoline vehicles by 2024.
As you can see, this is an up-and-coming market that will continue to evolve and expand. Let us help you make sure you’re reaching the right consumers with the right message: download the insights today.