Global consulting firm McKinsey & Company has provided some interesting insights on how it sees the automotive and transport sectors develop in the face of the COVID-19 pandemic.

McKinsey’s latest report says the automotive sector was one of the hardest hit by the crisis, with sales plummeting 71% in China in February, 47% in the US in April, and 80% in Europe in April. Mobility behaviour has also changed dramatically as many commuters have worked from home and others have stayed away from public transportation due to health concerns.

To provide an insight into how consumers now see their future in terms of vehicle ownership and transportation, McKinsey is surveying consumers in the US, UK, Germany, France, Italy, Japan, and China on a biweekly. The headlines from the first survey include;  

• Only some 17% of respondents say they are considering a cars purchase well below pre-COVID-19 levels. There are many regional differences with China showing the greatest signs of demand recovery.
• Most consumers are delaying purchases by four to six months, due equally to health and financial concerns.
• Over all the aftermarket appears to be reasonably stable as delayed maintenance and repair seem to be offset by additional and catch-up work.
• Digital channels have become much more important to consumers both for vehicle purchasing and booking service and repair.
• Most consumers do not expect their overall mobility behaviour to change significantly between pre and post COVID-19. One exception to this is in intercity travel with consumers favouring the use of a private car over airplanes and trains.
• A third of consumers value constant access to a private vehicle more than they did before COVID-19.

McKinsey will release regular survey updates on its website.