Looking at the Chinese auto market in the past 20 years, there are two sets of data worth pondering, first, in 2018, car sales showed negative growth for the first time in 28 years; second, from 2011 to 2020, the proportion of Car swaps in China continued to increase, accounting for nearly half of the users who exchanged/purchased. Both sets of data indicate that we have moved from the incremental era to the stock era. That is to say, the current market is not everyone buying the first new car, but there are many consumers who want to replace the new car with the car they already have. In the last issue, we talked about BYD's performance in the field of replacement, and today we talk about another popular car company, GAC Toyota.
GAC Toyota has a number of models with very high attention, which can be said casually: Camry and Highlander, which are responsible for sales, which can be said to support the domestic market. The addition of Xena has raised a wave of attention, but the behavior of price increase has not been played well, and it has been played here by smart domestic consumers, but it is not ruled out that Sai is a good car.
According to the report, we see that GAC Toyota has a very high degree of recognition nationwide, and on the whole, the attention of users in the eastern region to the brand is higher than that in the western region, which is consistent with the hot area of the whole category replacement, mainly limited by the economic level of the population. Subdivided into the urban dimension, thanks to the advantages of localization, Guangdong Zhucheng users have a high degree of attention to the GAC Toyota brand. At the same time, Beijing leads the city with obvious advantages to replace the top of the list of cities that pay attention to the GAC Toyota brand.
GAC Toyota's new car sales are gradually shifting to second- and third-tier cities, because the growth of economic level drives consumption upgrades, and consumers choose more reliable brands/products to achieve travel and transportation functions, which may become the core potential market of GAC Toyota in the future. At present, high-tier cities have stimulated the sale of new energy products under policies such as purchase restrictions, while low-tier cities are still dominated by cost-effective models.
The replacement of users who pay attention to the GAC Toyota brand is mainly concentrated in 7 years and more than 50,000 kilometers, which is consistent with the overall trend of the second-hand car market. In terms of segmentation, the proportion of users with an original vehicle age of 3-5 years has increased significantly compared with the distribution of the age of all categories, and the proportion is even higher than that of the 5-7 year car age range; in terms of driving mileage, the distribution of the original car mileage below 10,000 kilometers accounts for 11.70%. The use of cars with low age and low mileage shows to a certain extent that the original users who pay attention to the GAC Toyota brand are gradually getting younger and have certain family wealth.
GAC Toyota's brand loyalty is high, more than 10% of the original owners still give priority to the brand, and car companies can increase the replacement of users of this product and improve the conversion rate of this product. In addition, Dongfeng Nissan original owners can dig deep as key customers, the brand replacement user ranks sixth in the whole category of original car manufacturers, second only to this product in the GAC Toyota brand replacement composition, combined with the existing product lineup of both sides, GAC Toyota brand needs to focus on the 150,000-200,000 yuan range to obtain more customers.
In terms of car series, the two main models of Camry and Highlander are high in the list of replacement attention to the original car series of GAC Toyota brand, mainly because of the strong attention to the replacement of this product, which is related to the quality and quality that the brand has always emphasized. GAC Toyota brand is more concerned by the original Japanese users, the top 15 of the car list, a total of 9 cars from the Japanese system, the main price range is concentrated in 10-15 million yuan, car companies can focus on the Japanese competitors in the range, guide the realization of the transformation into this product user.
The original owners of GAC Toyota have high reliance on this product, and the internal conversion ratio exceeds 25%. Some original owners are interested in luxury brands, mainly in the FAW-Volkswagen Audi and BMW Brilliance brands have a high degree of attention, while Chinese brands such as SAIC-GM-Wuling and Great Wall Motors are also on the list of attention of the original owners of GAC Toyota, indicating that the added value of the brand affects the replacement behavior of the original owners of GAC Toyota to a certain extent, and the economy and practicality are still the melody of their buyers.
Thanks to the high internal conversion, the main replacement target of the original owners of GAC Toyota is still led by Highlander and Camry, and car companies can launch replacement preferential policies for users of this product. Overall, the new cars that the original owners of GAC Toyota are concerned about are not concentrated in a specific market segment, and luxury cars and new energy vehicles have opportunities to be tapped.
Gac Toyota original owners pay attention to the purchase target price, more than 150,000 accounted for nearly 50%, indicating that the function is the main influencing factor of the replacement of new cars, car companies in the fight for users, should not be limited to the price of the heap configuration, but to highlight the product function, in order to obtain consumer recognition. The proportion of 150,000-200,000 yuan is 7 percentage points higher than that of the whole category replacement, and in the future, car companies can increase the mining of replacement users in this price range.
Among the GAC Toyota car series that replacement users pay attention to, Highlander and Camry are not surprisingly in the forefront, behind which is the replacement user's pursuit of large space and comfort. It is worth mentioning that Velanda rushed out of the siege with the trend of dark horses, accounting for 7% of the attention, and even more than C-HR, on the one hand, the benign reputation established by the "brother model" RAV4 Rongfang drove the sales growth of Velanda, on the other hand, it is still reflected in the user's pursuit of keywords such as large space, SUVs, 150,000-250,000 yuan.
GAC Toyota launched a new MPV model Xena in 2021, and due to the short time to market, there is currently no corresponding circulation data in the second-hand car market. In terms of the MPV market where the car is located, pay attention to the replacement users in the market, the distribution of the original car brand is relatively scattered, but the overall car series is still dominated by MPV, of which buick GL8 accounts for 4.54%, and the base number is significantly higher than other models, mainly due to its large ownership and high user demand.
From the perspective of Highlander's replacement source, the front car is mainly compact and medium-sized cars, and the replacement user has a certain economic foundation, and the replacement user has a certain economic foundation to buy a new car to get a better space to enjoy life; the distribution of the replacement user car of camry is also based on the car, and the Japanese and German brands are the focus of attention; Leiling is limited by its own price point, level, etc., and the replacement source is mainly the low-end models of Chinese brands.
As a regular customer in the sales list of the small car market, YARiS L Zhixuan has good circulation in the second-hand car market, and its replacement source is mainly based on low-end models of Chinese brands. Although Velanda has been on the market for less than 2 years, it has a good degree of replacement attention, and the source of the front car is mostly the joint venture brand compact car. The source of Toyota C-HR's front cars is relatively scattered, indicating that there is still a lot of demand to be tapped in various market segments.
From the perspective of the original owner replacement model country, the replacement attention of Japanese models is significantly higher than that of other countries, followed by German cars and independent brand models. Influenced by the traditional voices such as the cost of oil in the United States and the quality of Korean cars, the attractiveness of the two for GAC Toyota replacement users has declined rapidly, and the attention of replacement is less than 10%.
The original owners of GAC Toyota gave priority to FAW Toyota and GAC Honda brands. Putting aside the traditional competitors of GAC Toyota, Chinese brands such as SAIC-GM-Wuling and BYD are active in the replacement list of their original owners, indicating that replacement users no longer simply look at the added value brought by luxury brands and joint venture brands, and cheap but practical functional cars such as Hongguang MINI EV have become a new trend of replacement.
Highlander and Camry original owners give priority to luxury brands when buying new cars, while the replacement targets of Leiling, YARiS L Zhixuan and YARiS L Zhixiang owners are not focused on a specific level or model, and more and more Chinese brand models have become the replacement targets of original owners, and car companies need to be vigilant against the plundering of low-cost cars by Chinese brands.
When the original owners of GAC Toyota replace new cars, they give priority to the same level of the original car market, and have certain replacement and upgrading behaviors. Taking Camry as an example, the original car users' attention to medium-sized cars is 33.40%, ranking first in various market segments, while medium-sized and large-sized cars, medium-sized SUVs and other medium-sized and above-level levels account for 11.97% and 11.39% respectively, second only to the medium-sized car market, indicating that replacement users have certain capital and have a certain pursuit of high quality.
GAC Toyota's original high-level model users have paid more attention to high-priced models, and the main target is the three luxury brands of Audi BMW And Mercedes-Benz, and the main purpose of replacement is to enhance social status. The original low-level model users still pay attention to low-cost models, with transportation as the primary goal of car purchase.
Through the report, we can see that GAC Toyota replacement users are most concerned about models in the price range of 150,000-200,000, and Japanese brands are still the focus of GAC Toyota. Users of low-grade models of this product are paying more and more attention to Chinese brands, so GAC Toyota should think about what kind of policies to use to ensure that users of this product do not leak out. Well, this is GAC Toyota's replacement research report, and we'll see you next time.
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