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The CMR report revealed that about 50% of Indian consumers are now open to buying EVs
Electric vehicles (EVs) are gaining popularity in India, thanks to the government's policy push, the increasing awareness of environmental issues, and the rising fuel prices. However, what factors influence the consumers' decision to buy an EV? According to a recent report by CyberMedia Research (CMR), the quality of EVs is more critical than their range for 54% of Indian consumers.
The report, titled 'India EV Consumer Sentiment Survey,’ surveyed 1,500 consumers across ten cities in India to understand their preferences and perceptions about EVs. The report revealed that about 50% of Indian consumers are now open to buying EVs, albeit with a caveat. They are not deterred by the common barriers to EV adoption, such as limited EV charging infrastructure, high upfront costs, or EV range anxiety.
EV range anxiety is the fear that an EV will run out of battery power before reaching the destination or a charging station. However, the report showed that this fear is a misperception, as most automotive OEMs have already designed EVs with a sufficient range of up to 200 km or more. Only 18% of the consumers cited range anxiety as a concern for buying an EV.
On the other hand, 54% of consumers said they are concerned about the overall quality of EVs. The report defined EV quality as the external build quality and the quality of internal components used, such as battery, motor, and controller. Consumers want to ensure that their EVs are durable, reliable, and safe.
The report suggested that OEMs need to focus on continuous awareness generation around the quality and potential of EVs to increase the adoption of EVs in India. They also need to collaborate with other stakeholders in the EV ecosystem, such as government agencies, research institutions, private sector players, and civil society organizations, to create a conducive environment for EV growth.
The report also highlighted other interesting findings about consumer preferences and perceptions of EVs. For instance, 67% of consumers prefer buying an EV from an established brand rather than a new entrant. It also found that 62% of consumers prefer buying an EV online rather than offline. Moreover, it found that 58% of consumers prefer buying an EV with a battery-swapping option rather than a fixed battery option.
The report concluded that India's EV momentum is gaining pace, driven by a strong policy thrust at the central and state levels and upstream R&D in battery development. It also stated that India's EV charging infrastructure is accelerating, with more public EV charging stations coming up nationwide. It is predicted that in 2025 India will have over 10 million EVs on its roads.