Background
A global automotive manufacturer aimed to develop a compact electric vehicle (EV) targeting urban consumers in emerging markets. To ensure product-market fit, the company conducted a comprehensive market research study focusing on consumer needs, market dynamics, and regulatory landscapes.
Research Objectives
- Identify key factors influencing EV adoption in urban areas.
- Evaluate consumer preferences for EV features such as range, price, and charging options.
- Assess competitive positioning and market trends in emerging markets.
Methodology
- Secondary Research
- Analyzed government policies promoting EVs, such as subsidies and infrastructure investments.
- Reviewed industry reports on EV market growth, technological advancements, and regional competition.
- Primary Research
- Surveys: Conducted with 5,000 urban residents across Asia and South America to understand preferences, challenges, and willingness to pay.
- Focus Groups: Explored consumer attitudes toward EVs and the perceived benefits of switching from traditional vehicles.
- Interviews: Held discussions with stakeholders, including charging station providers, environmental NGOs, and regulators.
- Competitor Analysis
- Benchmarked leading EV models for pricing, features, and performance.
Key Findings
- 65% of respondents valued affordability over extended driving range, with an ideal price point under $20,000.
- Urban consumers prioritized fast-charging capabilities and access to charging infrastructure.
- Aesthetic design and advanced connectivity features were critical for younger demographics.
- Government incentives and awareness campaigns were key drivers of EV adoption.
Outcome
The company launched an affordable, fast-charging EV tailored for short urban commutes, equipped with cutting-edge connectivity and a sleek design. It partnered with local governments to expand charging infrastructure and offered attractive financing options. Within 18 months, the product secured a 15% market share in target regions, exceeding sales projections.
This case highlights the importance of structured market research in aligning automotive innovations with consumer needs, ensuring successful product launches in competitive markets.