Bangkok--29 Aug--Hill Knowlton Strategies
· Seventy nine percent of Thai consumers say fuel efficiency is more important than power when buying a new car
· A desire to save money is the top reason for choosing more fuel efficient cars. An interest in being more environmentally friendly follows closely behind
· Survey on the importance of fuel efficiency commissioned by Ford Motor Company covers 9,500 drivers across 11 markets in the Asia Pacific region, including 1,026 Thai respondents
When it comes to buying a new car, more than 79 percent of Thai consumers say that fuel efficiency is more important than power.
That is just one conclusion of a survey of more than 9,500 drivers in 11 markets across the Asia Pacific region conducted on behalf of Ford Motor Company in June 2016.
When asked the reasons for prioritizing fuel efficiency, four out of five respondents from Thailand cited the need to save money. Other top reasons included an interest in being more environmentally friendly (60 percent) and concerns for high fuel prices (48 percent).
In fact, fuel efficiency is such a major factor that nearly half (43 percent) of drivers who currently own a powerful car say that they regret not purchasing a more fuel-efficient vehicle.
"We conducted this survey to learn more about what consumers' attitudes are towards fuel efficiency when they are shopping for a new car," said Kevin Tallio, chief engineer, Engine Engineering, Ford Asia Pacific. "Fuel efficiency remains one of the top concerns. Drivers continue to be sensitive to fuel costs, no matter what the price is at the pump."
The survey revealed that the need to save money was also reflected in fuel-purchasing habits.
Many Thai consumers said they already apply tactics to save at the pump, such as waiting for lower fuel prices to top up (55 percent). Forty three percent say that they only visit fuel stations where they get points for topping up, and 32 percent say that they always use discount coupons. Another 44 percent say that they often fill up whenever, regardless of price.
Drivers are starting to change their driving behaviors too. More than 49 percent of consumers say that they will change their driving habits to use less fuel and 42 percent are planning on driving less over the next 12 months.
These thrifty behaviors extend to what Thai consumers would do if they could save even more on fuel. Almost two thirds of respondents (65 percent) said that if they saved 20 percent on fuel every month, they would put the extra money towards their savings. Another 59 percent say that they would put the money towards their family.
This all coincides with a general wariness about Thailand's fuel prices. Nearly half (46 percent) of respondents say they don't trust fuel prices to stay stable over the next year.
But while Thai drivers are eager to protect themselves from the sting of the pump, surprisingly many are unaware of longer-term strategies for saving money:
· More than half (57 percent) of those surveyed admit that they do not consider the total cost of ownership – fuel and vehicle maintenance – when shopping for a new car
· Only forty five percent say that they would invest more money at the time of purchase on a more efficient engine in order to save money on future fuel costs
However, there may be signs that behaviors are changing. Many consumers who are planning on buying a new car in the next year are considering more fuel-efficient vehicles:
· Fifty four percent plan to buy a vehicle with a more fuel efficient engine
· Thirty one percent plan to buy a hybrid or electric vehicle
· Twenty percent plan to downsize to a smaller vehicle
However, their choice is made difficult by the fact that Thai consumers also value performance. More than 68 percent of all respondents say they consider performance as a factor when buying a new car. City residents disproportionately said that they were motivated by performance (69 percent vs. 60 percent of rural residents).
"Today's consumers are more sophisticated than ever," said Tallio. "They expect their vehicle to deliver excellent fuel economy without sacrificing the performance they need – whether it's accelerating on the highway or maneuvering through traffic – it is important that power is available."
It was exactly this need to offer the combination of fuel efficiency and power that drove Ford to develop the EcoBoost family of engines. Since 2009, EcoBoost engines have been showered with awards, in fact the 1.0-litre EcoBoost engine was voted best in class at the 2016 International Engine of the Year Awards for the fifth year in a row. EcoBoost technology can now be found under the hoods of more than 20 Ford nameplates around the world – from Ford Focus to the iconic Mustang.
"EcoBoost gives drivers mileage when they need it and power when they want it," said Tallio. "When driven efficiently, EcoBoost technology has the capability to help save on fuel, save you money in the long run and reduce CO2 emissions. And when that extra 'oomph' is needed, it provides effortless performance."
About EcoBoost
The centerpiece of Ford's fuel-economy improvement efforts for petrol-powered engines is EcoBoost technology, which uses turbocharging, variable-valve timing and direct fuel injection along with reduced displacement to deliver significant vehicle fuel-efficiency gains and CO2 reductions, relative to larger displacement engines, without sacrificing vehicle performance.
In response to consumers' needs, Ford now offers EcoBoost's fuel-economy benefits throughout its product lineup. Ford's rapid deployment of EcoBoost in high volumes across a wide array of our vehicle nameplates is helping consumers make a significant step forward in CO2 emission reductions.