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Deloitte report highlights trends in auto sector

01/02/2020 | Author: Autoguide | 0 Comments Back To Home   < Previous News   |   Next news >

Global Automotive Consumer Study 2020

Unveiling its annual report, Deloitte India on January 20 launched the latest edition of Global Automotive Consumer Study 2020 highlighting key trends in the automotive sector, which are shaping consumer perceptions. 
According to the study, even though 80 per cent of survey respondents in India are excited about using connected vehicles and convinced of its benefits, concerns over security still remain constant. 
In addition, 69 per cent of survey respondents are also worried about the security of their biometric data shared with connected vehicles. India tops the chart amongst nations who are concerned about data protection.
Owning a personal vehicle has become more expensive because of rising cost of fuel and emergence of BS-VI emission norms. Although, about 64 per cent of India’s Gen Z/Gen Y survey respondents are questioning the need to own a vehicle as opposed to 51 per cent respondents in 2019. 
Commenting on the launch of the report, Mr Rajeev Singh, Partner and Automotive leader, Deloitte India, said: “Automotive sector in India still battles with critical issues of sales slowdown at one end whilst at the other there is a constant inclination of technology adoption and best use of research and development in India.
“While the last year hurt automotive players in short term, the rising sales of internet connected cars and growing interest around BEVs indicate that India’s discerning millennials’ tech savviness to gain value for money will keep automotive players on their toes. We see a disruptive yet profitable road ahead for original equipment manufacturers (OEMs) and automotive players as they work to shape an enriching customer experience for Gen Z and millennials who have a unique outlook on life.
“Our consumer survey indicates Indian consumers are open to the idea of investment for advanced vehicular technologies and this trend has improved over the years; one of the key areas for OEMs to focus on.”
Although perception about connected vehicular technologies has seen a positive shift, Indians are doubtful about the safety of autonomous vehicles and ability of automakers to get them on road. The percentage of consumers, who agree that autonomous vehicles would not be safe to use, is expected to increase by 10 per cent this year. 
Another important trend is around battery-charged and alternative powertrain vehicles and the interest in this technology continues to expand. In fact, as per the report, interest in BEVs will rise if fossil fuel prices increased significantly. Due to lack of right infrastructure, majority of consumers across markets may not be ready just yet to pay extra for an electric vehicle (EV). Consumers across geographies agree that it is the responsibility of either OEMs or the governments to set up a network of EV charging stations.

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