Indians inclined towards EV and hybrid cars, prefer personal vehicles: Survey
Surprisingly, the majority of respondents believe they will purchase a car in the coming year.
The majority of buyers are willing to pay more than ten lakh for a mid-sized SUV.
At the same time, as the second COVID-19 wave struck small villages and tier-II cities, demand for two-wheelers has decreased, according to the report.
The perception of petrol-powered automobiles continues to be dominant. People are seeking for discounts that are normally offered at this time of year as the demand for new vehicles continues to rise.
According to Grant Thornton Bharat’s analysis of survey data, around 6 in 10 customers wait for discounts before purchasing a vehicle.
Approximately 87 percent of respondents anticipate discounts during the holiday season.
At least half of them agreed that if they received significant discounts on high-end models, they would be ready to go over budget.
94 percent of purchasers would also shop around to several dealerships for better and more competitive deals.
This year, the preference for utility vehicles (UVs) over sedans continues, with 51% of respondents planning to purchase the former.
In addition, the poll found that India’s readiness for the adoption of electric cars (EVs) has improved.
The survey also found that people’s favourite mode of transportation has shifted.
While car-sharing services were heralded as a popular and cost-effective means of transportation two years ago, their use is now limited.
For personal commuting, 50% of respondents are willing to purchase a new vehicle. Consumers’ desire for a subscription model for personal commuting was also represented in the poll.
Sixty-six percent of respondents stated they would choose a vehicle subscription model because it saves them money.