New Delhi: Consumers are exploring both luxury and sustainable alternatives, setting the stage for a new era in the Indian automotive sector, according to a survey by Grant Thornton Bharat. As per the survey -- 'Shifting Gears: Understanding Passenger Vehicle Market Trends', 85 per cent of the respondents were considering premium models and there is an increasing preference for hybrid vehicles over electric vehicles (EVs). The survey gathered insights from over 3,500 respondents across the country.
According to the survey, 40 percent of respondents now prefer hybrid vehicles, compared to only 17 per cent favouring EVs. In contrast, 34 per cent still lean toward petrol vehicles, reflecting the transitional nature of the market, it said. This growing alignment with hybrids suggests that consumers are exploring sustainable options while waiting for more robust EV infrastructure and incentives, the survey found.
Therefore, with hybrid vehicles gaining traction, they are expected to act as a bridge, building consumer familiarity with alternative technologies and ultimately accelerating future EV adoption, it opined. This trend underscores the need for automakers to focus on both hybrid and electric solutions to meet evolving consumer expectations and prepare for a sustainable automotive future, as per the survey findings. "As market dynamics evolve, automakers must adapt to shifting consumer preferences," Grant Thornton Bharat Partner and Auto & EV Industry Leader Saket Mehra said.
