37% of the respondents feel their next personal vehicle will be an Electric Vehicle

Other than low operational cost, the high load of technology seen as a key motivation to buy EVs.  68% of the survey respondents consider this as their 2nd reason for buying an EV giving them access to a lot of technology that is onboarded on EVs adding to their comfort, safety, and communication.

Gurugram – As per the Techarc consumer insights report titled ‘EVs as an owned passenger vehicle (4W) in India’ released today, 37% of the respondents surveyed believe that their next vehicle will be an EV irrespective of the time period they will buy their next vehicle in.  At the same time, 4% of the respondents plan to buy an EV in next 1-3 years.

While sharing about their broad opinion about EVs, 7% of the respondents find it as a reliable and dependable alternative to bio-fuel vehicles.  54% of the respondents are educating themselves more about EVs before they could form any opinion about them.  39% of the people surveyed feel the concept is at an early stage and needs to mature.

Faisal Kawoosa, Chief Analyst and Founder Techarc, while releasing the report highlighted, “India is at an inflection point where EV as personal car is changing its course only to witness an upward growth.”

“Broadly, people are divided into three segments – a very small segment which has already purchased an EV, a sizeable population yet unconvinced with EVs and a very large segment which is educating itself about these vehicles and the allied ecosystem.  The EV manufactures as well as the larger ecosystem should create massive awareness to immediate convert many more potential users of EV as a personal vehicle,” concluded Faisal.

Key takeaways of the report

• 4% of the respondents are considering buying an EV in next 1-3 years as their own personal vehicle.
• 11% of the respondents find it important to have presence of incumbent players like Maruti-Suzuki in the EV market for them to make a decision about owning an EV.
• Consumers are recognising the efforts of the EV industry in building ecosystem and developing the infrastructure that will add to their confidence and reliability.  52% of the respondents see that the sale and service network is getting built while 45% do see the charging infrastructure developing around them.
• 59% of the respondents also find the options to choose widening for them with more brands introducing their EVs in the market.
• Government’s push and promotion of EV is also appreciated by the people.  37% of the respondents see this as a driver for them.
• The macro benefits like helping in reduction of pollution as well as dependence on biofuels also features among key motivational factors driving attention towards EVs.
• Among the concerns, lack of proven track record of EVs is seen as a top hesitation in adoption of EVs.  87% of the respondents find this as their primary hindrance.
• Other concerns include availability of skeleton infrastructure, performance of EVs through all the weather seasons, higher upfront investment, etc., also act as speed breakers in the journey of EVs in India.
• Among the brands which are commercially available in India, Tata leads in terms of the preference followed by MG and Hyundai.  These three brands are seen as key brands in the EV market with regards to owned passenger vehicles. There is also a segment willing to buy EVs from luxury brands including Audi, BMW and Mercedes.  Worth to mention that Tesla, one of the pioneers of modern EVs does not find too many buyers who could own by importing it.

For any query on the report, please write to Research@techarc.net

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