The yellow book is a recognized name in the Indian automobile industry. It provides the most accurate data to all the vehicle transactions and all the sales data of automobile consumers. If we talk about Automotive Consumer Trends, 2020 was one of the most significant years for automotive turnovers as we passed the unpredictable. As a result, the nominal GDP rate decreased by 2.6% as CAGR(19-22) was reported at 3.6%, which is a reduction to CAGR(14-19) (6.2% only). Automobile market growth also faced some difficulties as many motor companies were shut down.
We have seen the growth of technology in all these years and how customers have rapidly accepted it. There were innovations in-car technology when electric vehicles appeared, and due to the surge in petrol and diesel prices, consumers started looking for engine alternative vehicle options. So, the demand is growing for electric vehicles in India. This was also mentioned in the Indian automobile data book. In addition, consumer preference is changing across the globe towards electric vehicles as they have lower emissions, reduced operating costs, and provide more mileage than engine-operated vehicles.
Anyhow, we have extracted a report on Automotive Consumer Trends for automobile market sales in India 2021. Let’s see how it is changing.
The first factor for consumers is the quality of the vehicle. Quality can have different meanings for different people across the country. Hence, it becomes essential for automotive brands to look into their target audience and their demands. Consumers today understand essential aspects of cars like their functionality, reliability, security, etc. Consumers of 2021 take a proper online survey before buying any automobile. Therefore, the quality factors play a very important role in automobile market share in India.
The quality of service that the manufacturer provides to its customer is a key point in automobile market growth. For global consumers, this factor becomes essential while they decide to purchase a car. The reputation of a brand is held on the type of customer service they provide. If consumers find less warranty and no assistance, they will not be buying from the automotive brand in the future.
Today’s educated consumer understands the concept of sustainability and hence pays essential attention to renewable energy sources. So, when it comes to buying vehicles, sustainability and demand for renewable are for most. The automotive industry also understands what its consumers need and growing themselves. It is also an essential factor in cost analysis as a renewable energy option can be costlier.
This is a new technology in the market, and we can see almost every two-wheeler manufacturer having at least one electronic scooter in their bikes and scooters range. Moreover, electronic vehicles give better mileage than engine operator vehicles. This is also a good alternative to engine-operated vehicles as electric vehicles are prone to pollution and are sustainable.
When we decide to buy a car, it is because we want to drive it, but some consumers do want to explore the technology niche. So, many of them are looking forward to technological advancements like driverless cars. This can be one of the experiences in 2021. Many global consumers are expecting this transformation in the automobile industry as it was found that there is higher demand by global consumers for it.
While conducting market research and analysis, we found so many demands raised by consumers of 2021. Moreover, we found out that they have become more aware than ever when in the market. Share your thoughts about Automotive Consumer Trends in the comment section below. What do you think, where will it go by 2022?