The report reveals the evolving preferences and growing enthusiasm among consumers for various alternative fuel vehicles. 3 in 10 surveyed consumers expressed interest in Plug-in Hybrid Electric Vehicles (PHEVs), while 1 in 4 surveyed consumers expressed interest in Fuel-cell Electric Vehicles (FCEVs).
Mumbai, November 29, 2023: The Indian automotive landscape is undergoing a transformative shift, as highlighted in GfK’s Indian Automotive Industry Trends and Outlook Report. The study reveals that nearly 40% of urban Indian consumers express a strong desire to purchase alternative fuel cars.
This meticulously conducted research by GfK serves as a crucial compass for industry stakeholders, guiding them through the complex landscape of evolving automobility trends, covering Electric Vehicles (EVs), brand innovation, and in-vehicle technologies.
Commenting on the survey findings, Ravi Arya, APAC Lead for Brand and Advertising at GfK, an NIQ company, stated, “The report underscores the evolving expectations of surveyed urban Indian consumers, envisioning not only safer and more enjoyable driving experiences with in-vehicle technology but also expressing a burgeoning curiosity towards hybrid vehicles. This shift is propelled by factors such as advanced technology, fuel savings, environmental friendliness, low running costs (inclusive of tax benefits), extended driving range, established technology, and the accessibility of fast charger stations in local areas. These factors collectively contribute to the escalating inclination of individuals towards the purchase of electric vehicles (EVs).”
While only 9% of surveyed urban Indian consumers currently own alternative fuel vehicles, 40% see themselves purchasing an alternative fuel passenger vehicle in the near future, signaling a potential paradigm shift towards more sustainable transportation options. Electric vehicles emerge as the most coveted alternative engine. For more than 55% of respondents, the advanced technology of electric vehicles stands out as the primary motivator for those considering the fuel type for their next purchase.
How interested are you in buying the following types of alternate fuel engines as your next vehicle?
Additionally, 29% of surveyed consumers expressed interest in Plug-in Hybrid Electric Vehicles (PHEVs), while 25% showed interest in Fuel-cell Electric Vehicles (FCEVs). This data highlights the evolving preferences and growing enthusiasm among consumers for various alternative fuel vehicles.
Nevertheless, a significant 58% of respondents cited the lack of charging stations as a major concern, deterring them from choosing a fully electric car. Additionally, 53% were disinterested in EVs due to their perceived expense and extended charging times, with concerns about potential resale value also influencing purchasing decisions.
Concerns about the shorter driving range of Electric Vehicles (EVs) account for approximately 43% of consumer decisions to refrain from buying them. Although, consumers in India would consider full electric vehicles if they can drive around 335km when fully charged and expect 8 hours to fully charge the battery. Another crucial factor influencing 30% of prospective buyers is their apprehension about the durability, reliability, and overall quality of EVs. In addition to these concerns, the report highlights the tangible impact of the current economic climate on purchase decisions, with nearly 50% of surveyed urban Indian consumers indicating that prevailing economic conditions influence their considerations for a new car.
This comprehensive report serves as an invaluable resource for industry stakeholders as the automotive sector undergoes unprecedented transformations. It provides deep insights into the complex relationships that exist between consumers and the dynamic automobility landscape.
