Shift in consumer behaviour in favour of electric vehicles over the past year
EVs operate at a fundamentally lower cost, and in the last few years, the trends suggest that there has been a steady interest among the Indian masses for electric cars as well as two-wheelers.
Electric vehicles will incite crucial changes in the Indian automobile market, and their growing adoption will lead to more futuristic business models. The global environment seems to favour electric vehicles, and with time the world seems to be getting serious about them. A large number of EVs are selling across the globe, and even though China, the US, and Europe are contributing to a significant chunk of the sales, industry leaders consider India to be a promising player with a receptive market.
EVs operate at a fundamentally lower cost, and in the last few years, the trends suggest that there has been a steady interest among the Indian masses for electric cars as well as two-wheelers.
Understanding Consumer Behaviour
Buying a vehicle is a time-consuming process with various internal and external factors influencing the decision. Particularly in India, the decision-making process is particularly complicated as the buyers often face an information overload. Market research indicates that female automobile buyers consider features such as safety, affordability, and efficiency, whereas male buyers focus on performance, features, and aesthetics such as interiors and style. Also, male audiences express more interest in electric vehicles.
The Necessary Shift
Viability
In a consumer-based market, the viability of the E.V. industry is affected by factors like incentives on scrapping used vehicles, favorable government policies, and reducing GST. Consumers also believe that E.V. manufacturers need a more proactive marketing approach rather than playing safe.
Fuel Efficiency
Because petrol and diesel prices are always on the rise, consumers are keenly interested in how much would they save by switching to an electric vehicle from an ICE vehicle. Marketing an estimated long-term fuel savings are the key to a consumer’s heart.
Technology
Most electric vehicle buyers are early adopters of innovation, green technology, and take pride in being an environmental ambassador. Consumers applaud EVs as an environment-friendly technology and are enthusiastic about switching to vehicles that will have zero emissions.
Fuel Efficiency
Because petrol and diesel prices are always on the rise, consumers are keenly interested in how much would they save by switching to an electric vehicle from an ICE vehicle. Marketing an estimated long-term fuel savings are the key to a consumer’s heart.
Technology
Most electric vehicle buyers are early adopters of innovation, green technology, and take pride in being an environmental ambassador. Consumers applaud EVs as an environment-friendly technology and are enthusiastic about switching to vehicles that will have zero emissions.
Source : financialexpress
