India eager for subscription-based vehicle ownership

Deloitte Global Automotive Consumer Study 2021 states that 69% Indian consumers are willing to try subscription-based ownership. They are also open to servicing of different models from the same brand. This is due to the COVID-19 pandemic, which has made these consumers more cost-conscious. Further, Indian consumers are more cost-conscious than those in China and the Republic of Korea.

The study also found that 37% of consumers planning to buy a car in India much earlier than planned. It adds that 65% of consumers intend to buy a less costly vehicle indicating a downside demand risk in the country. Over 50% of Indian consumers would like to go for early termination as an option for vehicle finance accounts. It also said that 81% of them prefer connected cars, due to the benefits and convenience that comes through smartphone connectivity. Further, respondents in the country have shown a willingness to pay up to Rs 25,000 more for a vehicle with advanced technologies.

 

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