Press release from Business Wire India
Source: Frost & Sullivan
Monday, February 15, 2010 11:30 AM IST (06:00 AM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Advertising, PR & marketing, Automotives, Business services; Automotive
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Frost & Sullivan Study Reveals Electric Vehicles will be the Next Preferred Powertrain Option after Alternate Fuels and be Favored over Hybrid Vehicles
Mumbai, Maharashtra, India, Monday, February 15, 2010 -- (Business Wire India) -- Frost & Sullivan's recent study 'Voice of Indian Automotive Customers 2009: Evaluation of Powertrain Technologies in Vehicles' revealed that the concept of Electric Vehicles (EV) in India is growing. Due to post-purchase concerns such as battery life, distance traveled, maintenance cost, acceleration, and top speed only 7 percent of Indian vehicle owners are "very likely" to purchase an electric vehicle in the future. Interestingly, Indian vehicle owners are also willing to pay a premium over the base price for an electric vehicle; among all alternate fuel vehicles, the premium for an EV is fairly low.
Currently, nearly all Indian vehicle owners use conventional fuels (petrol or diesel). However, with increased environmental awareness a considerable preference for the use alternative / non-conventional fuels is likely. This is quite significant, given that only 1 percent vehicle owners currently use alternative / non-conventional fuels. However, apprehension related to insufficient fuel stations, battery charging time, etc. persists among Indian vehicle owners who would consider switching to alternative / non-conventional fuels.
To view the Graph, please click on the link given below:
Worst Feature of Hybrid and Alternate Fuelled Vehicles
The study also revealed that the market for manual transmission vehicles may shift in the future towards automatic transmission vehicles. Specifically, 37 percent of Indian vehicle owners state intentions towards automatic transmission for their next vehicle with higher proportion of males preferring automatic transmission over females. The study captures willingness to pay extra for automatic transmission.
Among the alternate Powertrain technologies available, Indian vehicle owners are more aware of LPG, CNG, and to some extent, electric and bio-fuels. The awareness for LPG and CNG is high since commercial vehicles run on either LPG or CNG in most Indian metros. Awareness about alternative technologies varies according to the vehicle segment the owner belongs to. Increasing preference for alternative fuel is seen due to perceived cost savings of around 30 percent as compared to conventional fuels.
To view the Graph, please click on the link given below:
Awareness of Various Alternate Powertrain Technologies
The study also revealed that the market for manual transmission vehicles may shift in the future towards automatic transmission vehicles. Specifically, 37 percent of Indian vehicle owners state intentions towards automatic transmission for their next vehicle with higher proportion of males preferring automatic transmission over females. The study captures willingness to pay extra for automatic transmission.
The study captures the Future Purchase Behavior of customers. It analyzes three major factors influencing any vehicle purchase decision and is based on the factor analysis. Amongst these, fuel economy is the most influential factor for engine selection among the majority of Indian vehicle owners. The study also addresses the trends in downsizing of engines based on consumer preferences.
To view the Graph, please click on the link given below:
Likelihood Purchasing Downsized Engine
Vehicle financing has become a very lucrative business, as the majority of Indian vehicle owners finance at least some portion of their vehicles. It is expected that roughly 8 out of 10 Indian vehicle owners will purchase a new vehicle within the next 5 years. More specifically, C segment vehicle owners are more likely to purchase a new vehicle within the next 3 years compared to other vehicle owners. Thus, the vehicle financing market in India is likely to run more in tandem with the automotive manufacturing market than in the past.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation, and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices across six continents. To join our Growth Partnership, please visit http://www.frost.com
CONTACT DETAILS
Ravinder Kaur, Corporate Communications - South Asia, Frost & Sullivan, +91 (44) 42044760, ravinder.kaur@frost.com
Tanu Chopra, Corporate Communications - Middle East, Frost & Sullivan, +91 (22) 40013437, tanuc@frost.com
Nimisha Iyer, Corporate Communications - South Asia and Middle East, Frost & Sullivan, +91 9820050519, niyer@frost.com
KEYWORDS
CONSUMER, CONSULTANCY SERVICES, MARKETING, AUTOMOTIVE, BUSINESS SERVICES, AUTOMOTIVE
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