Nearly 90% Of Indian Consumers Are Ready To Pay A Premium To Buy An Ev, Shows A Survey
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Nearly 90% Of Indian Consumers Are Ready To Pay A Premium To Buy An Ev, Shows A Survey

According to a poll conducted by consult company EY, with worldwide electric vehicle (EV) sales anticipated to surge in the next 12 months, over 90% of Indian customers are preparing to pay a premium for an EV. The EY Mobility Consumer Index (MCI), a study of over 9,000 respondents from 13 countries, including 1,000 from India, also discovered that 40% of respondents were willing to pay a premium of up to 20%. The survey had completed in the latter half of July.

According to the study, "three out of every ten respondents in India would prefer to own an electric/hydrogen car." According to EY, almost all Indian respondents believe a fully charged electric vehicle has a range of 100 to 200 miles. "Almost 90% of Customers in India are ready to pay a higher price for an automobile with over 40% of responders willing to pay an extra of up to 20%", the reports said.

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Views of the Sector Leader for the Automotive Sector: Vinay Raghunath

"Consumers have prepared to pay a premium for the added value of being environmentally conscious," said Vinay Raghunath, EY India Partner and Sector Leader for the Automotive Sector.

"The shrinking cost of ownership difference between electric and other technology platforms, as well as an expanding section of customers vociferous about the environmental effect, will force a fundamental change in consumer buying behaviour for electric vehicles," Raghunath said of the findings.

Main Reason Behind Purchasing EV

In correlation to present and future ICE owners who want to buy a car, existing and future EV owners who intend to buy an electric vehicle have a considerably larger preference for digital channels. The main reason to buy an EV, according to the poll, is an environmental concern, with 97 per cent saying that the COVID-19 epidemic has raised awareness and worries about environmental issues.

Approximately 67% of persons interested in purchasing an EV also believe it is their responsibility to decrease their environmental effect, with 69% believing that buying an EV is one method to accomplish this aim.

Expectations of EV owners according to Survey Poll

According to the study, "almost a third of current electric vehicle owners expect auto charging to take less than an hour, compared to 45 per cent of respondents who plan to acquire an EV." EVCs can undoubtedly help in increasing the adoption of EVs but not alone. However, many other factors are still needed to consider. The majority of Indian respondents also expect a fully charged electric car to have a range of 100 to 200 kilometres. According to the study, over 90% of Indian customers has prepared to pay a premium for an electric vehicle.

Another conclusion is that current and prospective EV owners want to acquire a car through digital channels at a wider-reaching percentage than current and future combustion-engine car owners.

Conclusion

The road ahead continues bumpy, as today's reality paints a mixed picture for the future of mobility. Given that vital sector risks remain elevated and competition from new mobility adversaries is growing, the road ahead remains bumpy. On the one hand, there are high hopes for future technology and business models; on the other hand, a "double transition" is urgently needed. To put it another way, preparing consumers for tomorrow's mobility also entails making today's environmental problem more resilient.

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