40% urban Indians would opt for alternative fuel vehicles: Survey

Mumbai, Nov 29 (SocialNews.XYZ) A new survey has revealed that 40 per cent of urban Indians are ready to embrace alternative fuel cars including plug-in hybrid electric vehicles (PHEV) and fuel-cell electric vehicles (FCEV), claims a new report released here on Wednesday.

The survey, conducted by Growth from Knowledge (GFK)’s Indian Automotive Industry Trends and Outlook indicates that the country’s automotive landscape is undergoing a transformative shift with customers desirous of opting for alternative fuel cars, said the company executive Ravi Arya.

While only nine per cent of those surveyed currently own alternative fuel vehicles, 40 per cent plan to purchase such a passenger vehicle in the near future, in the online survey covering 900 people planning to buy a new vehicle in the next one-two years.

Electric vehicles (EVs) appear to be the most coveted alternative engine and for over 55 per cent of the respondents, the advanced technology of EV’s would be the primary motivator for their next car purchase.

Another 29 per cent were interested in PHEVs and 25 per cent preferred FCEVs, showing the evolving preferences among consumers for various alternative fuels.

However, a significant 58 per cent cited the lack of charging stations as a major concern deterring them from choosing a pure EV.

Some 53 per cent expressed disinterest in EVs due to their perceived expense and extended charging times, plus concerns on resale value of their EVs, as per the GFK report.

The shorter driving range of EVs was also a deterrent factor for 43 per cent of the consumers refraining from buying them, though Indians would opt for such full EVs if they could drive them around 335 kms with a full charge and around eight hours to fully charge the battery.

Of those surveyed, 30 per cent of the prospective buyers expressed apprehensions on the durability, reliability and overall quality of EVs, and nearly 50 per cent felt the prevailing economic conditions would influence their plans for a new car.

Arya said that the GFK report reveals the expectations of urban Indians looking forward to safer and more enjoyable driving experiences with in-vehicle technology and an increasing curiosity towards hybrid vehicles.

“This shift is propelled by factors such as advanced technology, fuel savings, environmental friendliness, low running costs (inclusive of tax benefits), extended driving range, established technology, and the accessibility of fast charger stations in local areas. These factors collectively contribute to the escalating inclination of individuals towards the purchase of EVs,” Arya said.

Source: IANS