Auto demand grows this festive season: Report

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SME Times News Bureau | 10 Nov, 2020
More people are considering buying personal vehicles in the ongoing festive season, according to a recent survey.

A consumer mobility study by PAYBACK and its digital research partner, Unomer revealed that nearly 30 per cent respondents from south and north India are considering buying a new or a second-hand vehicle this festive season.

Across the regions, western India shows the lowest preference with two-third respondents having no plans to purchase a vehicle this year.

As per the report, a positive bias for purchase is coming primarily from two key factors. The first factor is personal mobility for work or personal use owing to safety or an additional vehicle for a family member and the second is the offers and discounts provided by car makers leading to lower cost of ownership.

Amongst vehicle categories, SUVs and Compact SUVs are the most popular choice in the four-wheeler segment with one-third consumers opting for the same, followed by sedans (21 per cent) and hatchbacks (18 per cent) across age groups and incomes.

In the two-wheeler segment, motorcycles were the top choice at 25 per cent preference, ahead of scooters.

Further, post-Covid there is a growing preference for sustainable choices and the same is reflected in the strengthened voice for green fuel, as the survey states more than 10 per cent show preference for electric-powered vehicles instead of CNG (4 per cent), as the future alternate to petrol.