Personal vehicle ownership is important to 92% of consumers and nearly half view their vehicle as a third space; 62% predict their vehicle will eventually become an extension of their living room or office
SAN JOSE, Calif., December 04, 2024--(BUSINESS WIRE)--DTS, Inc., a wholly owned subsidiary of entertainment technology company Xperi Inc. (NYSE: XPER), today released its new connected car report, "Vehicle Ownership and its Role as a Third Space: Alive, Well and Enduring." The report confirmed the importance of personal vehicle ownership to today’s consumers and reveals that car owners continue to view their vehicle as an important third space, a place to take time alone, to relax and escape the stresses of home or work. Furthermore, as traditional ideas about both living and work spaces have evolved, many car owners see a future where their personal vehicle can become an extension not only of their living room, but also of their office.
Based on the findings of a survey of 3,217 U.S. consumers at least 18 years old who currently own or lease a vehicle, the report shows that 92% of respondents consider their personal vehicle important, with luxury/ultra-luxury owners and Gen Z indexing the highest for viewing their vehicles as a third space (after the first space of home and second space of work). The report also offers key insights into why consumers are spending time in their vehicles, what entertainment choices they are opting for and how automakers can make those third spaces better for their customers.
"There is heartening news for automakers in this consumer report: vehicle ownership is here to stay and its function as something beyond a mode of transportation is important to today’s consumers, whether they choose to be alone, to relax or de-stress in their vehicle, listen to music or watch videos when the car is parked," said Jeff Jury, senior vice president and general manager of connected car for Xperi.
As the vehicle becomes a more centralized hub for entertainment, consumers will be looking for additional options to help them on their journeys. 88% of respondents noted that they listen to audio in the car, which has remained relatively steady over the past two years. Video on the other hand, has seen a healthy increase in usage. From 31% in 2022 to 47% in 2024, respondents stated that more drivers and passengers are watching video in the car. Additionally, respondents indicated that improved comfort and personalization, as well as having as many entertainment choices on their vehicle’s infotainment system as on their TV or mobile device, are among the features that would make their vehicle a better third space.
"In this context, the ability to intelligently bring mixed content into the vehicle and present it in an easy to find and digestible way for drivers and passengers is becoming more important. And, the fact that automakers’ key future customers (Gen Z) index the highest for viewing their vehicles as a third space, indicates that OEMs might want to focus on the features consumers say will make that third space better to ensure that personal vehicle ownership endures for the long term," concluded Jury.
Key report takeaways:
Personal vehicle ownership is here to stay
92% say their personal vehicle is important and only 19% of respondents are likely to give it up in the next few years.
The vehicle is a third space
65% of Gen Zers and 63% of millennials view their vehicle as a third space.
61% of respondents expect their vehicle to eventually become an extension of their office or living room.
A better third space
Making the vehicle more physically comfortable inside ranked the highest with respondents for making their vehicle a better third space, followed by personalization, voice commands, more entertainment choices and auto pay functionality.
Car owners are using their vehicle to de-stress
41% say they spend 30 minutes or more ‘taking time alone’ — more time than any other reason measured, except for vacation trips.
30% have parked their car in a quiet location to recharge, destress and relax, and over one in four (29%) have driven around without a specific destination, just to clear their head or relax.
Audio is most important in the vehicle third space
62% of consumers would not even consider buying a vehicle if it did not have AM/FM radio available.
47% of respondents say video is watched in the car, mostly when parked, though some while in motion. Most video sessions are under 20 minutes and primarily short-form video, with the exception of road trips, which rely more on longer-form video like TV shows and movies.
Download the "Vehicle Ownership and its Role as a Third Space: Alive, Well and Enduring" report here.
Methodology:
DTS’ report, "Vehicle Ownership and its Role as Third Space: Alive, Well and Enduring" is based on the findings of an online survey of 3,217 U.S. consumers at least 18 years old who currently own or lease a vehicle, fielded from September 5-9, 2024.
About Xperi Inc.
Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands (DTS®, HD Radio™, TiVo®), are integrated into billions of consumer devices and media platforms worldwide, powering smart devices, connected cars and entertainment experiences, including IMAX® Enhanced, a certification and licensing program operated by IMAX Corporation and DTS, Inc. Xperi has created a unified ecosystem that reaches highly engaged consumers, driving increased value for partners, customers and consumers.
Since 1993, DTS has been dedicated to making the world sound better. Through its pioneering audio solutions for mobile devices, home theater systems, cinema and beyond, DTS provides incredibly high-quality, immersive and engaging audio experiences to listeners everywhere. For more information, please visit www.dts.com.
