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.
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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