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India-UK
India-UK
Grant Thornton Bharat's latest survey, ‘Shifting Gears: Understanding Passenger Vehicle Market Trends’, uncovers key shifts in consumer behavior this festive season, signaling a transformation in India's automotive landscape. With 85% of consumers considering high-end variants and an increasing preference for hybrid vehicles over electric vehicles (EVs), the survey highlights a pivotal moment in the market.
According to the survey, 40% of respondents now prefer hybrid vehicles, compared to only 17% favoring EVs, in contrast, 34% still lean toward petrol vehicles, reflecting the transitional nature of the market. This growing alignment with hybrids suggests that consumers are exploring sustainable options while waiting for more robust EV infrastructure and incentives. Therefore, with hybrid vehicles gaining traction, they are expected to act as a bridge, building consumer familiarity with alternative technologies and ultimately accelerating future EV adoption. This trend underscores the need for automakers to focus on both hybrid and electric solutions to meet evolving consumer expectations and prepare for a sustainable automotive future.
“As market dynamics evolve, automakers must adapt to shifting consumer preferences. The festive season, which typically accounts for 30–40% of annual sales, is critical for the Indian automotive industry. However, high inventory levels, weather disruptions, and regional elections have tempered growth this year. Despite these challenges, early October sales—showing a 30–35% increase in registrations compared to September—offer encouraging signs. As market dynamics evolve, automakers must align with shifting consumer preferences, such as the growing demand for premium vehicles and increasing engagement through digital channels. With consumers also expecting substantial discounts this festive season, the industry has a unique opportunity to drive demand. In the long term, economic growth and rising disposable incomes will further strengthen the outlook for India’s passenger vehicle market."
Saket Mehra
Partner and Auto & EV Industry Leader, Grant Thornton Bharat
It is notable that the utility vehicle (UV) and sports utility vehicle (SUV) segments have continued to drive the market, witnessing 13% year-on-year growth and now making up 65% of passenger vehicle (PV) sales. Despite a muted first half of FY25, with overall domestic sales rising by just 0.5%, the sustained demand for SUVs and UVs reflects the growing consumer preference for versatile vehicles. However, inventory levels remain a challenge, with 7.9 lakh units worth INR 79,000 crore stockpiled as of September 2024.
"While the UV and SUV segments continue to grow, the industry faces pressure from inventory buildup. Automakers have an opportunity to meet rising consumer demand through substantial festive discounts, with nearly 90% of respondents expecting such offers. Additionally, digital platforms are playing a critical role in the car-buying journey, with 74% of consumers using social media and car websites for research—up from 56% two years ago—although final purchases remain largely offline", Saket further states.
Other emerging trends from the survey:
- Subscription models gaining traction: Automakers like Maruti Suzuki, Tata Motors, and Mahindra & Mahindra are increasingly launching subscription models to cater to younger, asset-light consumers who prefer flexibility over traditional ownership.
- Phygital sales channels: As digital engagement increases, automakers are integrating physical and digital experiences to enhance customer journeys, offering online research tools combined with offline test drives and dealership interactions.
- Demand for safety features: Growing consumer awareness has shifted the focus to vehicle safety, with advanced safety features becoming a top priority for buyers, overtaking traditional factors like design or performance.
- Under-penetration of the market: With only 30 million Indians currently able to afford a vehicle, there is vast potential for growth in the passenger vehicle market as rising disposable incomes make car ownership more accessible.
- Festive discounts driving consumer interest: The survey indicates that nearly 90% of respondents expect substantial festive season discounts, with car manufacturers using attractive offers, exchange programs, and financing options to stimulate demand.
The Indian passenger vehicle market is at a crossroads, with premiumisation and hybrid adoption paving the way for future growth. While inventory challenges persist, the industry’s ability to adapt to rising consumer expectations for discounts and enhanced digital engagement will be critical in driving sales this festive season. In the long term, economic growth and rising disposable incomes will bolster the market's expansion, positioning India for a strong automotive future.
About the Survey: Conducted across digital channels, the Grant Thornton Bharat survey gathered insights from over 3,500 respondents, spanning various age groups and occupations. The survey aims to provide a comprehensive understanding of consumer behavior, vehicle preferences, and factors driving sales during the festive season.
The Press release first appeared in Business Insider on 28 October 2024