As per the latest report by Acko and YouGov India, A majority of Indian consumers – 57 percent – want to invest in electric vehicles (EVs) because of the practical benefits that EVs offer, while 56 percent want to purchase an EV because it is good for the environment.
The report surveyed 1018 respondents from New Consumer Classification System (NCCS) A & B households between the age groups of 28 to 40 who were either owners of an electric vehicle or were intending to buy one in the next twelve months.
While 60 percent of respondents believe that India’s current public infrastructure is not equipped to support electric vehicles and feel the need for drastic improvement, there is a great deal of optimism for the future. The survey revealed that 89 percent of the respondents think India will be infrastructurally ready for EVs by 2030 and 66 percent believe that EVs will surpass petrol and diesel cars and will be able to save money in the long run.
According to the report, 44 percent of intenders want to invest in an EV because of the flexibility it offers. In addition, they believe that the availability of both hybrid or full electric options will give them the best of both worlds.
47 percent of intenders believe that EVs are cheaper to run in cost per mile compared to traditional options. 56 percent of intenders said that they want to be part of the responsible change in approach towards the environment and are interested in new technology.
Among the people who participated in the survey, 62 percent are concerned about rising fuel prices, and 57 percent of them are interested in the latest technology.
However, the lack of availability of charging provisions is the biggest concern, followed by the safety issues which keep making headlines.
40 percent of intenders are concerned about the lack of charging facilities in and around residential spaces. They also expressed a need for more clarity regarding the time taken to charge a vehicle fully. In addition, 40 percent have also expressed worry about EV fire-catching incidents.
Among other reasons of concern are the cost of battery replacement and how frequently it would be needed, as it is one of the primary costs of an EV. They are also concerned about the plausibility of long-distance travel in an EV.
Moreover, 41 percent of EV owners believe that EVs take long to charge, and 40 percent of owners are worried about the lack of charging provisions in residential complexes.
One glaring concern is that 43 percent of EV owners believe that their vehicles’ driving experience and performance are not up to the mark compared to traditional vehicles.
The report also highlights other aspects of safety, such as 63 percent of respondents don’t know that sand is the most convenient solution for putting out an EV fire. There are also knowledge gaps regarding the life of the battery. For example, 66 percent assume that battery life only lasts between 2 to 5 years. The good news is that 8 in 10 correctly recognise that charging behaviour has a role in the EV’s battery life.
Also, one concern of owning an EV is the insurance, as per the report, and with the growing popularity of EVs, the demand for customised insurance products has also gathered steam. 79 percent of respondents said they want a customised insurance solution for their EVs and 67 percent are ready to pay a premium for that. However, 53 percent said that there is a lack of trusted partners who provide EV-specific insurance products.
A key takeaway from the report is that there is an urgent need to create awareness around EVs and different aspects related to EVs. It’s evident that Indians are excited about EVs and acknowledge them to be the future of mobility – but the lack of information in the market combined with the communication gaps is holding them back.