~Survey focused on safety behaviour among Indian customers and factors influencing the purchase of vehicles~
● Significant desire for vehicles with improved safety features: Over 40% respondents wished to have advanced safety features in their next purchase.
● 69% of respondents currently drive 4W vehicles equipped with basic safety features such as ABS, airbags, and ESP
● 45% of 2W respondents currently ride a vehicle with ABS and CBS
● Inclination towards enhanced safety features: 25% of 4W respondents willing to stretch their budgets by more than INR 1.5 lakh to purchase vehicles with additional safety features
● Willingness to increase spends: 27% of 2W respondents intend to spend more than INR 25,000 on additional safety features.
Mumbai, 11th May 2023: - Mobility Outlook, the mobility-focussed vertical of CarTrade Tech Limited, and the country’s first multi-dimensional, multi-modal platform dedicated to the mobility industry, released a survey on “Safety Behaviour & Preferences Among Indian Customers”. The survey focused on customer expectations, perceptions of safety, associated technologies, behavioural characteristics of consumers, and the factors that affect their purchase decisions.
The survey targeted age groups between 18-56 years and involved 60,000+ respondents spanning Tier 1 cities such as Hyderabad, Bangalore, Delhi, Pune, Mumbai and Chennai, comprising 2W and 4W owners or intenders.
Safety concerns
Road safety is one of the most pressing concerns in India as we report around 1.5 lakh deaths in road accidents every year. While two-wheelers account for the most sales in the Indian auto sector, ironically, they also account for the highest number of accidents and fatalities.
The survey found an increase in awareness levels among respondents towards safety ratings from the previous year, which is a healthy sign. However, one-fifth of the respondents not being aware or sure of safety ratings is a cause for concern. The survey also found a strong perception of new vehicles being better than used vehicles, irrespective of ratings. Making safety features mandatory in vehicles has also had a positive influence on consumer awareness, found the survey.
Of the surveyed owners and intenders, 69% currently drive 4W vehicles equipped with basic safety features such as ABS, airbags, and ESP, while 45% of 2W respondents currently ride a vehicle with ABS and CBS
Financial resilience
According to the survey, more than three-quarters of respondents would consider purchasing their next vehicle with a four- or five-star rating. Moreover, 61% of the 4W respondents are willing to stretch their budgets to include improved safety ratings compared to 58% last year. Among 2W respondents, 65% stated they will do the same this year. Consequently, more than 25% of respondents from the 4W group intended to spend more than INR 1.5 lakh on additional safety features, while 27% of respondents from the 2W group intended to spend more than INR 25,000 on the same.
Choice of vehicle
The survey found strong intent among responders to purchase a vehicle in the next 12 months, reflecting a healthy trend in overall spending habits. Close to two-thirds of 4W respondents plan to purchase a new vehicle, and 77% of 2W respondents intend to buy a new vehicle in the coming year.
Interestingly, 15% of 4W respondents said they would prefer to purchase used vehicles. Among 2W respondents, only 10% would prefer buying a used 2W, while 5% and 2% of them would prefer to buy a new or used vehicle, respectively.
Mr Banwari Lal Sharma, CEO – Consumer Business, CarTrade Tech Limited said, “It has been observed that road accidents result in a loss of lakhs of lives in India every year. This survey lays emphasis on how road safety characterizes the need to drive safely. Having said that, it is important to be aware of all the safety features available in 2W and 4W vehicles and invest in additional ones too. This will not only increase the effectiveness of the safety systems on-board but also avoid road mishaps.”
About CarTrade Tech Limited: (www.cartradetech.com; NSE:CARTRADE|BSE:543333)
CarTrade Tech Ltd. is a multi-channel auto platform with a presence across vehicle types and value-added services. The platform got 34 million average monthly unique visitors in Q4 FY23 and had 1.1 million listings for auction in FY23. The platform operates under several brands: CarWale, CarTrade, Shriram Automall,BikeWale, CarTrade Exchange, Adroit Auto, and AutoBiz. These platforms enable new and used automobile
customers, vehicle dealerships, vehicle OEMs, and other businesses to buy and sell vehicles in a simple and efficient manner.
About Mobility Outlook:
Mobility Outlook is a mobility-focused brand of CarTrade Tech, one of India's leading automotive platforms. CarTrade Tech gets 34 million average monthly unique visitors in Q4 FY23 and had 1.1 million listings for auction in FY23. Mobility Outlook is geared towards customers and mobility professionals, as well as researchers, government agencies, libraries, and students. It is an interactive platform offering information and insights through its content, intelligence features, and events.
Learn more about Mobility Outlook at: www.mobilityoutlook.com
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