53% Indians ready to pay Rs 1 lakh more for an electric vehicle

In a Global Automotive Consumer Study done by Deloitte group, it’s been found that 53% of Indians are ready to pay Rs 1 lakh more for an EV. For the study, Deloitte surveyed more than 35,000 consumers in 20 countries from September through October 2019 that included over 3,000 consumers from India.

While 10% of Indians don’t know if they want to spend more on EVs, 21% are ready to shell out between Rs 1 lakh and Rs 3 lakh. The study has found that, in adopting alternative technologies, Japan leads the pack with 47% ready to opt for hybrid EVs (HEVs) and 12% for battery EVs (BEVs).

When it comes to interest in alternative powertrain technology, more Indians are open to EVs in 2020 than they were in 2019. While 25% of Indians are ready to opt for hybrid electric vehicles, 15% are ready to choose battery electric vehicles. 51% still are choosing for traditional internal combustion engine vehicles. And the reason why Indians are choosing EVs is majorly for lower emissions and lower vehicle operating costs.

30% of Indians expect a minimum driving range of 200 miles (320 km) and 28% want a 100 mile (160 km) range. Most of the long-range electric cars that have been launched or lined up for launch including Hyundai Kona, MG ZS EV and Tata Nexon EV seem to have hit the sweet spot of the Delloite survey.

With respect to the time customers are willing to wait for BEVs to recharge, many customers are willing to wait for 30 minutes to an hour. This could be possible if customers have access to fast chargers which typically takes anywhere from 20 minutes to 50 minutes depending on the battery size. Most of the consumers in the survey believe that it is the duty of the EV manufacturers and government to establish a charging station network.

Source: Deloitte.com