Indians buyers are more inclined towards electric, hybrid vehicles: Study

Deloitte's Global Automotive Consumer Study 2022 says India is witnessing a shift in mobility trends with more and more consumers expressing interest in electrified and hybrid vehicles.

As per the findings of the report, more than a third of Indian consumers have expressed interest in electrified and hybrid vehicles, as the segment sets steam with India's focus on environment-friendly, self-manufactured and sustainable solutions post-pandemic.

According to the study, 59 per cent of the Indian consumers were concerned about climate change, pollution levels, and gasoline/diesel vehicles emissions. This indicates that consumers’ interest in electric vehicles (EVs) is due to the perception of lower fuel costs, environmental consciousness, and a better driving experience, the report noted.

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The push for green mobility in the Union Budget with a focus on battery swapping and charging infrastructure has also aided the interest in green mobility, the report stated. Riding on the crest of evolving customer needs and disruptive innovations, the Indian automotive industry is going to witness a new era of growth.

“Our latest study delves deep into the changing consumer perceptions indicating a significant increase in the number of consumers, who are evaluating alternate power train options and this is likely to drive the growth of EVs (especially two- and three-wheelers) in the country,” Deloitte India Partner and Automotive Leader Rajeev Singh noted.

Additionally, the report has also witnessed the growth of a latent need for subscription-based models to cater to the ever-evolving needs of millennials and GenZ’s with its flexible ownership ability, he added. As per the report findings, Indian consumers were willing to share personal data in exchange for maintenance updates.

Around 70 percent of the Indian respondents are interested in a subscription that allows access to different models from the same brand; 72 percent are interested in different brands of the vehicle, and 69 percent are interested in pre-owned vehicles, it noted. Besides, while there will be more emphasis on virtual vehicle sales, Indians still want an in-person experience, as per the study.

From September to October 2021, Deloitte surveyed more than 26,000 consumers in 25 countries to explore the opinions related to a variety of critical issues that impact the automotive sector, including the development of advanced technologies.

With inputs from PTI

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