The supply chain continues to deal with the ongoing semiconductor shortage causing numerous companies to rethink how they acquire the necessary electronic components to fit designs.
Sometimes this means using alternative ICs to use in a similar design that may be more abundantly available. This could also mean vendors securing chip supplies directly from semiconductor manufacturers such as the case with BMW and Ford, both of which recently signed deals with pure play foundry GlobalFoundries.
Another means vendors have turned to is leaning more heavily on electronic distributors that have so far been able to weather the storm of the chip shortage better than some. Also, e-commerce distributors have seen a rapid uptick in demand as well as lockdowns, and stay-at-home orders have drastically changed how engineers are doing business.
But one of the more interesting aspects of the chip shortage is the affect it is having on consumers and more specifically consumer purchase plans.
A new survey from Gfk AutoMobility among car buyers shows that many consumers are willing to wait months, even a year or more, to get the exact model and features in the vehicle they want to buy.
About 72% of responders said they are aware of the current vehicle shortages and almost all have said that out-of-stock vehicles have led them to change their automobile purchase plans. Of these car buyers, 47% would delay their purchases until the exact model becomes available. Of these:
- 52% said they would wait between three and 12 months for the exact vehicle.
- 29% said they would wait far longer than one year.
“With vehicle features and technologies becoming increasingly important to intenders, it is no surprise that many are willing to wait for exactly the car they want,” said Julie Kenar, SVP at GfK AutoMobility. “Older intenders are more likely to have a lifestyle and mindset that allows for sitting tight, while younger buyers may feel that work and other factors are forcing them to make a move more quickly. As the shortages persist, we will watch these levels to see if even the ‘patient’ buyers ultimately come to feel that it is time to end the process and get something.”
The survey, which was conducted in January with interviews of 12,134 potential car buyers, found women were slightly more willing to wait longer than 12 months and those in older age groups would also be far more likely to wait longer than a year for a car.
Alternative plans
While some are willing to wait it out, GfK AutoMobility found that other consumers are looking at switching dealers, going with a different model or getting a used car. However, these options were far less popular than just waiting for the right model to become available.
