According to the study, about 59 percent of Indian consumers are concerned about climate change, pollution levels and emissions from petrol/diesel vehicles.
A recent Global Automotive Consumer Study 2022 conducted by Deloitte reveals that more than a third of Indian consumers expressed interest in electrified and hybrid vehicles, as this segment is India’s eco-friendly, locally manufactured and sustainable solution post Focuses on the pandemic. According to the study, around 59 per cent of Indian consumers are concerned about climate change, pollution levels and emissions of petrol/diesel vehicles, indicating that consumer interest in EVs is due to lower fuel costs, environmental awareness and perception of a . Better driving experience.
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With a sample size of 895 individuals aged between men and women, around 58 per cent voted for a petrol/diesel vehicle as their next purchase, while 21 per cent opted for a hybrid vehicle. The share of people opting for plug-in hybrid vehicles or PHEVs was 11 percent, while those opting for fully electric cars were only 5 percent. However, the report emphasizes the fact that around 78 per cent people will opt for electric vehicles that cost between ₹5 lakh and ₹25 lakh, considering the subsidies these vehicles receive from the central and state governments. Another reason listed in the study suggests that a consumer will be attracted to EVs is because of lower maintenance costs, lower running costs, better driving experience and attracts tax benefits.
About 76 percent of consumers want to charge their EVs at home rather than in the office.
The study also shows that the decision to buy an electrified vehicle largely depends on the cost of electricity and if it is in balance with the current fossil fuel cost, then the transition to EV would be an easier option. About 61 percent said they are still very interested in getting an electrified vehicle, even if the electricity used for mobility is priced like current fossil fuels, while 37 percent said they are interested in achieving an electrified vehicle. will reconsider its decision. Only 2 percent said they were not sure it would change their decision. However, when it comes to charging, about 76 percent of consumers want to have their EV as a smartphone and charge at home rather than at an office or public charging station for convenience reasons. However, it remains uncertain whether charging an EV at home will put a strain on the existing power grid.
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The Government of India recently revised the rules for EV charging infrastructure and allowed respective owners to charge their EVs using existing electricity connections in homes or offices. This effort will give an additional impetus to Indians to adopt electric vehicles soon. Apart from being a sustainable solution for the consumers, EVs are also cost effective. With increasing demand, several auto manufacturers and OEMs have started forging strategic partnerships to drive adoption across the country. These positive developments have already attracted a range of investors to capitalize on this opportunity.
Around 78 per cent people would opt for electric vehicles which cost between ₹ 5 lakh to ₹ 25 lakh.
Rajeev Singh, Partner, Deloitte India, said, “Riding on the cusp of evolving customer needs and disruptive innovations, the Indian automotive industry is set to witness a new era of growth. Our latest study delve deeper into the changing perceptions of consumers. , indicating a significant increase in the number of consumers who are evaluating alternative power train options and this is likely to boost the growth of EVs (especially two and three wheelers) in the country.”
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The report also lauded the latest policy developments announced in this year’s Union Budget on battery swapping and charging infrastructure, as these are likely to enable a way to increase consumer confidence and address the challenges surrounding adoption. Additionally, the survey also revealed the growth of a hidden need for subscription-based models to meet the ever-evolving needs of Millennials and GenZ with their flexible ownership capability. Subscribing to services provided by various automakers helps Indian consumers to get a variety of vehicle ownership options without having to own a vehicle. Consumers have become used to rental services and are now looking for long term solutions that are convenient and cost effective.
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