● Indian consumers show heightened interest in vehicle purchases in 2023, yielding advantages for automotive OEMs.
● Growing interest among consumers in Tier 2 and Tier 3 cities for pre-owned vehicles suggests a shift in buying patterns.
● A surge in the importance of safety ratings among consumers aged 45 to 55 reflects changing priorities in vehicle selection.
Mumbai, 24th Nov 2023: Mobility Outlook, a dedicated multi-modal platform under CarTrade Tech Limited, released a ground-breaking survey on road safety. The survey delves into the current automotive landscape, pinpointing significant changes in consumer preferences and attitudes towards safety and vehicle purchase decisions in 2023 compared to the previous year.
With the automotive industry evolving rapidly, these findings serve as a crucial resource for automakers, policymakers, and industry stakeholders.
Key findings of the 2023 survey in comparison with 2022:
Greater Emphasis on the Importance of Safety Rating
The 2023 survey highlights a significant shift in consumer preferences. The importance of safety ratings, particularly among those aged 45 to 55, has seen a slight increase compared to 2022. This indicates that mature consumers are placing a higher emphasis on safety features when making their vehicle choices, showcasing a changing mindset from the previous year.
Awareness of Safety Features
In 2023, non-metro respondents were more aware of safety features such as the Anti-lock Braking System (ABS) and Electronic Stability Program (ESP) than airbags. This finding underscores disparities in consumer perceptions and awareness levels, suggesting that consumers in non-metro areas are more informed about certain safety technologies.
Vehicle Purchase Intentions
The survey results for 2023 provide a reassuring outlook for the automotive industry in India. Across all consumer segments, there is a persistent positive inclination towards purchasing vehicles, which bodes well for the country’s automotive Original Equipment Manufacturers (OEMs). This optimistic trend indicates that consumers are still actively considering buying new vehicles.
Pre-Owned Vehicle Preferences
An interesting shift in consumer behaviour has emerged in 2023. Compared to 2022, there is a noticeable change among Tier-2 and Tier-3 city respondents (38%) who are now more open to purchasing used or pre-owned vehicles. This evolving trend reflects a growing acceptance of pre-owned vehicles, particularly among consumers residing outside major metropolitan areas.
Willingness to Spend on Safety
A notable shift in consumer behaviour in 2023 is the increased willingness to invest in safer vehicles. The safety consciousness of individuals and families is a key driving force behind this change. More than 38% of respondents in 2023 are willing to allocate an additional INR 1 lakh for a vehicle with enhanced safety features, indicating a greater willingness to pay for safety compared to 2022. This shift underscores the growing importance of safety in the decision-making process for potential vehicle buyers.
Commenting on the survey, Mr Banwari Lal Sharma, CEO – Consumer Business, CarTrade Tech Limited said, “Road safety is paramount in our journey towards building a safer and more responsible automotive ecosystem. The data presented in our mobility outlook survey underscores the significance of safety as a top priority in consumers' minds. It provides valuable insights for our industry stakeholders as we continue to strive for better safety standards and develop innovative solutions aimed at reducing road accidents and fatalities.”
These findings underscore the evolving preferences and priorities of Indian consumers when it comes to road safety and vehicle choices. As the automotive industry continues to adapt to these changing dynamics, CarWale remains committed to providing a trusted platform that empowers consumers with the knowledge they need to make informed decisions.
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