As the festive season is knocking the doors, a large number of people are preparing to buy personal vehicles. According to a recent report, last month has seen significant growth in the demand for vehicles making a road for the recovery of the economy after the lockdown.
A consumer mobility study by PAYBACK and its digital research partner, Unomer revealed that nearly 30 percent of respondents from the south and north India are considering buying a new or a second-hand vehicle this festive season.
Across the regions, western India shows the lowest preference with two-third of respondents having no plans to purchase a vehicle this year.
As per the report, a positive bias for purchase is coming primarily from two key factors. The first factor is personal mobility for work or personal use owing to safety or an additional vehicle for a family member and the second is the offers and discounts provided by carmakers leading to lower cost of ownership.
Amongst vehicle categories, SUVs and Compact SUVs are the most popular choice in the four-wheeler segment with one-third of consumers opting for the same, followed by sedans (21 percent) and hatchbacks (18 percent) across age groups and incomes.
In the two-wheeler segment, motorcycles were the top choice at 25 percent preference, ahead of scooters.
Further, post-Covid there is a growing preference for sustainable choices, and the same is reflected in the strengthened voice for green fuel, as the survey states more than 10 percent show preference for electric-powered vehicles instead of CNG (4 percent), as the future alternate to petrol. The growing demand of Electric vehicle is a good trend as the Indian government is also making a roadmap to make India a hub of electric vehicles