2024 Global Automotive Consumer Study
Key Findings: India
From September through October 2023, Deloitte surveyed more than 26,000 consumers in 24 countries (including 1,000 respondents in India) to explore opinions regarding a variety of critical issues impacting the automotive sector, including consumer interest in electric vehicle (EV) adoption, brand perception, and connected technology adoption.
The overall goal of this annual study is to answer important questions that can help companies prioritise and better position their business strategies and investments.
Press release
Deloitte's Global Automotive Consumer Study explores opinions regarding a variety of critical issues impacting the automotive sector, including consumer interest in electric vehicles (EVs), brand perceptions, and connected technology adoption. Our study provides important insights that can help companies prioritize and better position their business strategies and investments in the year to come.In this year’s study, four key trends emerged:
- Consumer interest in EVs continues to improve, but is it happening fast enough?
- A significant number of consumers may be thinking about switching vehicle brands
- Interest in connectivity features may not fully translate into revenue and profit
- Younger consumers are driving overall interest in vehicle subscriptions, but more education may be necessary to address lingering concerns
Key findings
Maintaining robust momentum regarding consumer intent to move away from internal combustion engine (ICE) technology
is proving to be a near-term challenge as uncertain global economic conditions and lingering consumer concerns regarding electric vehicles (EVs) remain
Affordability remains a critical issue for the automotive industry as a majority of consumers still expect to pay less than INR 25 lakhs for their next vehicle.
When it comes to consumer preference toward domestic and foreign brands, more than 4 in 10 consumers surveyed prefer a domestic brand and 7 in 10 assign importance to local manufacturing of the vehicle.
Having said that, consumers are ready to share their PII* if it helps them with updates related to road safety, maintenance, and congestion. At the same time, 7 in 10 consumers are willing to pay for these connected services.
