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Transformational Growth in Pre-owned Vehicle Sales Until 2025
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The COVID-19 outbreak has had a significant impact on all industries per se. Businesses disrupted by the pandemic are looking at revival and grappling with the new normal. The automotive industry is no exception. Mobility and mobility-related solutions lie hampered not just in India but across the word, with the last few months witnessing plunging sales, halting of new purchases, and closing up of many car dealerships. One of the top results of the pandemic-induced shift in perception and consumer behavior is the aversion to using public transport or other shared mobility services. With the economy getting back on its feet, it is essential to know what the new normal will be, in terms of understanding vehicle purchase behavior and the shift in mobility preferences. Frost & Sullivan’s ‘New Business Models and Perceptions Drive the Dynamics in the Indian Automotive Ecosystem’ aims to understand these changes. More than 350 two-wheeler and four-wheeler owners and prospective buyers from various age groups and from both metro and non-metro cities were interviewed, and their responses analyzed. The study presents insights into pre- and post-COVID-19 vehicle purchase preference and the rationale behind the change in preference—customer expectations, future intent, and the considerations that go into the purchase decision—demographic and behavioral characteristics of consumers, to determine willingness to change purchase behavior, the influence of online/digital retail and the emergence of new mobility business models, such as subscription services/leasing and so on.Some key findings of our survey show that there is a significant shift from public/shared transport to personal transportation. The biggest shift can be witnessed within the younger age group—18 to 25 and 26 to 35—respondents that are looking for post-COVID-19 transport options. Respondents across age groups come down hard on shared mobility, with 56% of respondents apprehensive about hygiene and the lack of social distancing. As for the purchase of a new vehicle, 84% of respondents prefer buying a new vehicle, be it a 2W or a 4W, with 40% of them planning to purchase a new vehicle by the end of the year.Author: Vijay Narayanan Natarajan
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