The future of electric vehicles in India is bright! A majority of Indian consumers – 57% – want to invest in electric vehicles (EVs) because of the practical benefits that EVs offer, while 56% want to purchase an EV because it is good for the environment. These are some of the prominent findings of the latest report launched by ACKO, India’s tech-first insurance company, and YouGov India.
The report surveyed 1018 respondents from New Consumer Classification System (NCCS) A & B households between the age groups of 28 to 40 who were either owners of an electric vehicle or were intending to buy one in the next twelve months.
Consumers believe the future is electric
While the majority of respondents – 60% – believe that India’s current public infrastructure is not equipped to support electric vehicles and feel the need for drastic improvement, there is a great deal of optimism for the future. The survey revealed that 89% of the respondents think India will be infrastructurally ready for EVs by 2030. In fact, 66% of respondents believe that EVs will surpass petrol and diesel cars and will be able to save money in the long run.
44% of intenders want to invest in an EV because they like the flexibility it offers. In addition, they believe that the availability of both hybrid or full electric options, will give them the best of both worlds.
47% of intenders believe that EVs offer a significant reduction in cost per mile compared to traditional options. 56% of intenders said that they want to be part of the responsible change in approach towards the environment and are interested in new technology.
What’s very interesting to note is that when it comes to EV owners, the need to do good for the environment trumps the practicalities that the intenders prefer. For example, 63% of EV owners stated that their choice to go for an EV is a part of their effort to reduce their carbon footprint.
Among the intenders, 62% are concerned about rising fuel prices, and 57% of them are interested in the latest technology. 51% said that using an EV has lower running costs compared to petrol and diesel cars. In fact, 48% of the owners said EVs are more cost-efficient per mile than traditional cars.