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More Consumers Want Eco-Friendly Products…And Cars

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Forbes recently highlighted the results of a study performed by Accenture Strategy. With the help of the internet, the organization evaluated nearly 30,000 people across 35 countries during the second part of last year. Here are some key trends this survey found as well as its implications for the auto world.

Consumers emphasize the eco-friendly and sustainable

Per Accenture Strategy, 60 percent of survey-takers claim that they gravitate toward businesses that benefit the environment and help reduce plastic waste. Being environmentally-conscious wasn’t the only quality that consumers prioritize when backing a company and its products, however. Sixty percent of respondents said they value enterprises that treat staff well and that are transparent. Additionally, 75 percent said they value companies that use high-quality materials and components in its products. Fifty percent of participants were drawn to companies that supported charitable causes and social issues.

Accenture Strategy highlighted the example of the company Unilever. Its eco-friendly brands are growing 50 percent faster than its non-eco-friendly ones. These brands comprise 60 percent of Unilever’s overall profit.

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How this applies to the auto industry

Specific results from the report overlap with the vehicle industry. As part of the study, Accenture Strategy surveyed 6,000 people about electric vehicle ownership. The results showed that EV batteries are more than 80 percent cheaper than they were six years ago, making EVs more affordable to the average consumer. Participants also expressed that environmental concerns and the potential for long-term cost savings were the top two factors that would influence them to bring home an EV.

Based on these trends, Accenture Strategy predicts that EVs will overtake gasoline-powered vehicles by 2040. While that might sound like an ambitious prediction, the current trajectory of EV production and the market for this type of vehicle looks positive. Per Forbes, the U.S. and Europe will have more than 10 million EVs on the road by 2025.

Stay tuned for more details in the days ahead. It will be interesting to see how American companies incorporate the feedback from this report in their marketing strategies and production practices.

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News Sources: Forbes, Accenture Strategy