Auto customers willing to stretch budget for safety

Mobility Outlook, a brand of CarTrade Tech, recently released a survey that ex customers’ automobile purchase habits as well as their attitudes towards safety, security, and associated technology.

Nearly 2,70,000 responses from all across the country were gathered and analysed for the survey, titled ‘Indian Consumers’ Safety Behaviour and Perception of Vehicle Security’. Frost & Sullivan, Mobility Outlook’s validation partner, subsequently conducted a comprehensive analysis.

Making safety features mandatory has had a positive impact on their awareness as most of the respondents were acquainted with these. ABS, airbags, roll-over mitigation, and other safety features were familiar to the responders, according to the survey.

The survey’s finding that one-third of respondents were uncertain about safety features in their current vehicle demonstrates a dearth of effective marketing and awareness campaigns, said a press release issued by Mobility Outlook.

When asked about safety features they would consider for their next purchase, the vast majority picked critical safety features, with only 16 per cent stating ‘not particular’.

According to the findings, the majority of the respondents were aware of vehicle safety ratings. The fact that 27 pc of respondents were unaware of safety ratings is grounds for serious concern. When asked what a higher safety rating means to them, most of the respondents said it means more safety features on vehicles and better occupant protection. Forty-five per cent of respondents felt new vehicles would be safer than used vehicles, regardless of safety ratings, highlighting the need for better communication.

One of the survey’s significant outcomes was that three-fourth of respondents preferred to explore 4 or 5-star rated safety vehicles for their future vehicle purchases, and were willing to extend their budget for safety. This finding indicates a rising feeling of responsibility among the customers.

Many of the respondents appeared to have a good and clear understanding of all of the security features in their existing and new automobiles. Respondents showed a strong inclination to pay extra for improved security features. Improved security features were believed to increase the resale value of vehicles by 17 pc of respondents.

Nearly one-third of respondents mentioned they would be willing to spend more than Rs 30,000 on upgraded security features. According to 30% of respondents, security features should be standard in all automobiles.

One of the survey’s major takeaways was that respondents ranked Tata Motors, Maruti Suzuki, and Honda Cars as the vehicles with the most security features.

Commenting on the survey, Mr. Banwari Lal Sharma, CEO – Consumer Business, CarTrade Tech, said, “The automotive industry is experiencing an industry transformation, with new security and safety features being introduced and incorporated. At the same time, this may bring a significant amount of complexity to the customers’ experiences. Hence, the automotive industry and its stakeholders need to understand how customers perceive such advancements.”