Majority consumers defer plan to buy vehicle this year due to pandemic: Survey

  • The survey also showed that 40 per cent of two-wheeler customers are willing to buy an electric vehicle this year in a slight increase from 2021.
File photo of a vehicle showroom used for representational purpose only (MINT_PRINT)
File photo of a vehicle showroom used for representational purpose only

The coronavirus pandemic has forced 80 per cent of consumers to postpone their decision to purchase a four-wheeler while 82 per cent have deferred plans to buy a two-wheeler, as per a survey by Mobility Outlook. This implies that majority of consumers are willing to defer their plans off buying a vehicle due to the economic uncertainty posed by the pandemic.

On the other hand, 40 per cent of two-wheeler customers are willing to buy an electric vehicle this year in a slight increase from 2021, thanks to EVs gaining traction in the country. But for four-wheelers, the percentage was the same as last year at 33 per cent, as per the survey.

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The survey called the Indian Automotive Consumer Canvass (IACC) 2022 was conducted from March 3-12 this year. It sought responses from 2,56,351 consumers. It also noted that customers are realising that EVs can compete with conventional vehicles while remaining affordable to own and maintain.

However, consumers were concerned about the lack of charging infrastructure. “The survey indicates a positive sentiment... we can see that the people are willing to buy new vehicles but there are many factors which are affecting customers decisions," said Banwari Lal Sharma, CarTrade Tech CEO – Consumer Business.

The survey also found that 20 per cent of respondents were inclined to purchase a pre-owned vehicle this year as compared to 14 per cent last year. In terms of the shift towards online purchases, the survey revealed that 49 per cent of respondents showed a willingness to buy vehicles digitally but another 28 per cent cited the inability to touch and feel the vehicle as the top reason for not opting for online purchase.

(with inputs from PTI)

First Published Date: 28 Mar 2022, 14:40 PM IST
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