Consumer Insights: Hankook Tire's Gauge Index Reflects Trends

Changing Consumer Attitudes Revealed by Hankook Tire

New survey reveals changing consumer attitudes over the last decade

Leading global tiremaker, Hankook Tire, has been analyzing Americans' driving behaviors since 2014. In its 10th year, the Hankook Tire Gauge Index is the longest-running consumer survey conducted by a tire manufacturer. The latest edition reflects on a decade of valuable data, revealing significant trends regarding Americans' hybrid and electric vehicle (EV) ownership, perceptions of car technology, vehicle maintenance strategies, and overall driving behavior. Hankook Tire utilizes these insights to inform innovative developments in EV products and enhance tire technology that meets the evolving needs of today's drivers.

Rise in Electric Vehicle Interest

Over recent years, there has been a notable shift in Americans' perspectives towards hybrid and electric vehicles, driven by increasing consumer interest and changing priorities. Hankook's Gauge Index highlights a significant rise in EV adoption and changing factors that influence consumer decisions.

• Currently, 20% of consumers plan to buy or lease an EV within the next year, marking a considerable increase from just 8% in 2022.
• Millennials are at the forefront of this trend, with 36% considering a purchase, closely followed by Gen X at 35% and Gen Z at 32%.
• While cost savings on gas have remained a leading motivation for adopting hybrids and EVs, the percentage of consumers citing this as a key factor has decreased from 58% in 2022 to 36% in 2024. This shift indicates that while fuel savings remain a compelling reason, environmental concerns (18%) and technological advancements (10%) are becoming increasingly important.
• Questions regarding performance persist; only 35% of respondents believe that EVs outperform gas-powered vehicles under challenging weather conditions, while 45% think they perform comparably.

Transformation in Driving Behavior

The last decade has transformed the American driving landscape, largely due to the introduction of advanced technologies like lane-keeping assist, adaptive cruise control, and parking sensors. These innovations have not only changed the way drivers interact with their vehicles but have also influenced their attitudes and behaviors on the road. Many drivers report feeling safer due to these features, although the impact on driving habits can vary.

• While three in ten participants feel that car technology enhances their safety, many admit it doesn't significantly alter their driving habits, highlighting a gap in technology utilization. A segment of drivers (10%) finds these innovations distracting.
• In terms of overall caution, 21% of respondents indicated that car technology leads them to be more careful, with 26% of women agreeing compared to 17% of men.
• This year, perceptions of driving personalities have shifted; 57% of drivers characterize themselves as "thoughtful, responsible, and obedient," down from 65% in 2014. Meanwhile, feeling angered by other drivers slightly increased from 23% to 26%.
• Generational differences reveal that Gen Z (26%) drives more aggressively and gets frustrated more often compared to Millennials (22%), Gen X (20%), and Boomers (13%).

Americans Embrace Vehicle Maintenance

With the passage of time, there's been a marked rise in Americans' confidence concerning basic vehicle maintenance tasks. While this confidence grows, many still prefer relying on professionals for certain services, reflecting a changing automotive care landscape.

• Today's drivers show marked improvement in self-sufficiency. According to Hankook, 65% of respondents now feel capable of changing a tire, an increase from 52% in 2015, while 49% are comfortable changing brake fluid versus 35% previously. Other maintenance tasks showing higher levels of confidence include:
  • Locating/replacing the air filter: 61% in 2024 versus 53% in 2015
  • Replacing a car battery: 64% in 2024 versus 51% in 2015
  • Changing oil: 58% in 2024 versus 45% in 2015
  • Changing a spark plug: 50% in 2024 versus 39% in 2015
• In the latest survey, 45% of Americans indicated a greater reliance on professionals for basic vehicle upkeep, driven by the increasing complexities of modern automobile technology.
• Willingness to invest in vehicle maintenance has risen significantly: in 2024, 54% prioritize spending on tires (up from 39% in 2022) and 51% on under-the-hood components (formerly 33%). Notable increases have also been seen in cosmetic upgrades (18%, up from 4%), air conditioning or heating services (39%, from 10%), and stereo systems (24%, from 5%).

Brooklyn Emery, Brand Communications Manager of Hankook Tire America Corp, stated, "The Hankook Gauge Index has been a reliable gauge for understanding the transformation in driver attitudes and behaviors over the past decade. This consistent insight allows us to anticipate the impact of electric vehicle advancements and automotive technology, strengthening our commitment to providing innovative tire solutions tailored for EVs, such as our iON line, with an emphasis on safety and performance. Our goal is to ensure that all drivers feel optimistic and secure while on the road, despite the ever-evolving nature of their driving experiences."

The Hankook Gauge Index surveys Americans' attitudes and opinions on driving. The most recent survey queried 1,197 randomly selected American individuals aged 18 and older.

About Hankook Tire America Corp.

Hankook Tire America Corp. is a rising leader in the U.S. tire market, driving advancements through technology investments, manufacturing expertise, and impactful marketing to deliver high-quality, reliable products that prioritize safety for consumers and the environment. Headquartered in Nashville, Tenn., Hankook Tire America Corp. provides a complete range of high-performance and ultra-high-performance passenger tires, light truck and SUV tires, as well as medium truck and bus tires throughout the United States. Hankook Tire America Corp. is a subsidiary of Hankook Tire & Technology Co., Ltd., a Forbes Global 2000 entity based in Seoul, Korea.

Frequently Asked Questions

What is the Hankook Gauge Index?

The Hankook Gauge Index is an insightful survey that tracks consumer attitudes and behaviors related to driving and vehicle ownership over a decade.

How have consumer attitudes towards EVs changed?

Recent data shows a significant increase in consumer interest in electric vehicles, with 20% planning to buy or lease one within the next year, compared to only 8% in 2022.

Which demographic is leading in EV purchases?

Millennials are driving the trend in hybrid and electric vehicle ownership, with 36% considering a purchase, followed closely by Gen X and Gen Z.

Are Americans confident in handling car maintenance?

Yes, there’s been an increase in confidence regarding basic maintenance tasks, with many drivers feeling capable of tasks like changing tires and brake fluid.

What are some reasons for consumers’ changing attitudes towards car technology?

Factors include improved safety features, increased reliance on vehicle technology, and evolving driving habits influenced by generational differences.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.