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The festive season is a critical period for the Indian automotive industry, since traditionally, it drives a significant portion of annual sales. Consumers usually time their vehicle purchases with celebrations and auspicious dates.
We recently conducted a survey to determine the factors which drive sales of passenger vehicle (PV) and vehicle preferences amongst consumers this festive season. Our Festive Auto Survey 2024 provides a comprehensive analysis of the current trends in the passenger vehicle market in India. It analyses consumer sentiments, and the impact on vehicle buying trends during the festive season.
What kind of vehicle would you prefer to buy?
Strong economic growth, stable monetary policy and high credit growth have contributed towards increasing the purchasing power of top-earning Indians over the past decade.
In India, growing consumer awareness about safety has led to a rising demand for vehicles with advanced safety features. In response, automakers are focusing on incorporating the latest safety technologies into their vehicles.
Digital platforms have become increasingly important in the car-buying process, with 74% of consumers now using social media and car websites to research and evaluate vehicles.
However, actual purchases are still predominantly made through physical channels prompting auto dealers to shift to “phygital”.
Our Festive Auto Survey 2024 Report highlights key trends such as premiumisation, increased digital engagement, focus on vehicle safety and a widening consumer base. Watch the video to gain valuable insights into these transformative developments.
As India’s automotive sector witnesses around 30-40% of sales during the festive season, it is the right time to understand and analyse consumer buying trends.
Despite the current challenges of high inventory levels and consumer expectations for discounts, the Festive auto survey 2024 indicates that the industry is well-positioned for growth. With only 30 million Indians currently able to afford a vehicle, the significant under-penetration presents a substantial opportunity.
In the medium to long term, the outlook remains optimistic, driven by rising disposable incomes, a burgeoning affluent class, and technological advancements in vehicle offerings.
The festive season is a critical period for the Indian automotive industry, since traditionally, it drives a significant portion of annual sales.