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
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.
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.
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.
To understand the factors that drive demand, we first need to know how consumers make decisions. Even though industry leaders consider EVs to be a promising option for Indian audiences, just price incentives alone are not enough to drive the demand.
We need to consider the massive impact of charging infrastructure that will be felt in metropolitan cities, particularly since the pollution levels have reached disastrously high. Close cooperation among manufacturers, dealers, government, and marketers will also lead to a more progressive adoption of electric vehicles, mainly if EVs are pushed in the commercial and public transport segments.
The modern generation runs on innovation, sustainability, and environmental conservation – and electric vehicles fit the bill perfectly. The indigenous availability of vehicles, batteries, and spare parts will also impact the consumer mindset.
EVs are definitely the future!
We are at a critical crossroads where electric vehicles and the decisions taken by key players will shape the future of transportation either for better or for worse. Now is the time, auto experts will look back to as a stepping stone to a brighter future for not just electric vehicles, but for the auto industry as a whole. This phase is the beginning of a steady climb to a more extensive electric-vehicle adoption.
The market and consumer sentiments toward electric vehicles are principally positive. The consumer mindset is evolving, which will ultimately lead to healthy growth for the electric vehicles. It is being said that EVs will become mainstream in less than a decade and can be taken as a sign of markets being aggressively ready for a product launch and marketing by automobile companies.
Author: Jeetender Sharma, Founder & Managing Director, Okinawa Autotech Pvt. Ltd.
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