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Introduction
Introduction
The COVID-19 pandemic has affected many industries, but the automotive and mobility sectors are among the hardest hit. Consumers worldwide continue to face severe health and financial concerns, and mobility remains somewhat restricted in many parts of the world. As economies have reopened, automotive OEMs, car dealers, and government officials need to know how long the recovery will take and the next usual look. Overall, we see significant differences across India and several changing factors.
To know the change in consumer behaviour, we conducted a survey, where in-depth interviews were conducted in various regions of India based on their behaviours around car buying. This survey looks at current consumer sentiment and expected future behaviour as economies find a next normal.
Current Vehicle Usage
Current Vehicle Usage
Considering the graphs shown beside we can observe that based on the life stage, the current usage of the vehicle was varied. Initially Married, without children was the segment holding a greater number of 4-wheeler vehicles as per the analysis.
In-Vehicle usage based on gender, we could observe that in almost all the sectors like 2-wheeler, company’s vehicle, the ratio of female consumers to male consumers were almost in 1:2 ratio. But coming to owning a 4-wheeler, the female and male ratio is almost 1:3.
Coming to generation based usage, we could observe that Gen Y hold the most number of 4-wheeler automobiles and 2-wheeler automobiles.
Which consumers are interested in buying a 4-wheeler?
Which consumers are interested in buying a 4-wheeler?
52% of members of the population surveyed were not interested in buying a 4-wheeler once the situation arises. But this means, that there is an equal opportunity, where 48% of members were willing to buy a 4-wheeler once the situation eases.
Gen Y topped all the generations in showing its willingness in purchasing a 4-wheeler, which was followed by Gen Z.
In Non-Metro regions, an equal percentage of people were willing and not willing to buy an automobile.
Based on the life stage, married with children were topping the segment with 26.14% willing to buy the automobile.
Coming to the salary factor, we could observe that consumers who had a monthly salary of INR 50,001 – INR 75,000 were the most willing consumers to buy a 4-wheeler.
Further analysis on the consumer segment
Further analysis on the consumer segment
Further analysis was done to analyze and see any trends in consumers for 4-wheeler automobile purchase. In the previous study, consumers trend were seen only based on single variables. But in the further analysis, two variables are considered to see the trends and get additional insights.
Out of all generations and zones, we could observe that in South Zone, Gen Y consumers were the highest to buy 4-wheeler.
Considering both metro zone and salary, consumers from Metro with pay between 50k-75k was the dominating segment.
Additional Features expected
Additional Features expected
Almost all features were desired by most of the consumers. But usage of air purifiers was dominating out of all.
Sports Utility Vehicles were dominating the segment out of all types of the 4-wheelers.
In the willingness to buy online automobiles, as expected, Gen Z was dominating.
West zone in India was dominating in the willingness or purchasing automobiles online.
53% of people were willing to purchase online provided, test drive would be at the doorstep
Final Consumer Trends
Final Consumer Trends
Middle-level executives were more interested in purchasing 4-wheeler automobiles, so offers targeting them would be preferable.
Gen X and Y would be the main target audience for 4- wheeler segment.
As per an article, 44% of Indians would like to purchase their future vehicles online after Covid-19
Based on the interviews, it could be understood that test drives at doorstep, Virtual Reality Concept usage instead of showroom visits and exhibitions would be better and expected features
Contactless customer care is expected from most of the customers.
Also, Mid and compact level SUVs are going to gain a comparatively more significant market share.
As per the in-depth interviews conducted, due to the economic slowdown caused by the pandemic, consumers are willing to prefer to buy pre-owned cars over new ones.
The used car industry is expected to recover much faster than the new car industry.
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