Study, Auto News, ET Auto

Two-thirds (67%) of consumers in India said they take a ‘wait and see’ approach. Over 40% of fleet managers said they waited for competitors to make the switch before doing so.

New Delhi: On average, Indian consumers have said they would consider purchasing an electric vehicle by 2022, a new study published by Castrol, ‘Accelerating Evolution’, reveals.

This is two years earlier than the global average (2024). However, two-thirds (67%) of consumers in India said they take a ‘wait and see’ approach. Over 40% of fleet managers said they waited for competitors to make the switch before doing so.

The study further found that on average for Indian consumers, a price of Rs 23,000,000 (or $ 31,000), a charging time of 35 minutes and a range of 401 kilometers (from a single charge) represent the “tipping points” for achieving widespread adoption of electric vehicles.

The research also estimates that the annual electric vehicle market in India could be worth $ 2 billion by 2025 if all three tipping points are reached, pointing to possible low-carbon recovery by electric vehicles for the future. ‘automobile industry.

Based on research from eight of the world’s largest electric vehicle markets, the Castrols study examines the critical challenges that must be addressed to promote future growth in the electric vehicle market – highlighting the different priorities of consumers. and fleet managers.

Price is a priority

Price is the number one priority for consumers in India with 67% of respondents saying electric vehicles are currently over budget. The “tipping point” of Rs 23,000,000 (or $ 31,000) for Indian consumers is lower than the global average of Rs 27,000,000 (or $ 36,000).

The study also found that misconceptions about maintenance costs could prevent consumers from making the switch: 83% of Indian consumers say these costs prevent them from buying a fully electric car. This suggests that many consumers are unaware that the overall average cost of ownership of an electric vehicle over its lifetime tends to be lower than that of an ICE vehicle.

2022 will likely be the 'tipping point' for most Indian drivers to purchase electric vehicles: studyRequest for shorter charging times

Charging time was identified as the second most important challenge for widespread adoption of electric vehicles, and Indian consumers said they needed an average charge time of 35 minutes before considering the purchase of an electric vehicle. That’s several minutes longer than the global average of 31 minutes.

Almost three-quarters (72%) of those surveyed believe that electric vehicles will only dominate the roads when they can charge in a period of time similar to that required to refuel a vehicle with an internal combustion engine. (ICE).

Scope anxiety is real

The range was ranked third on the priority list, with 64% of Indian drivers agreeing that this was a significant barrier to widespread adoption of electric vehicles. On average, they expect a range of 401 km (from a single charge), roughly equivalent to the distance between Ahmedabad and Indore. That’s significantly less than the overall “tipping point” range of 469 km.

However, around a third of drivers in India said that they mainly used their car for commuting or short trips, suggesting that ‘distance anxiety’ may only be part the engine of their preference.

Mandhir Singh, CEO of Castrol, said: “Castrol has worked with the automotive industry to develop unique e-Fluid technology to support electric vehicles, from battery coolant, electronic greases and transmission fluids. Reducing the cost and time burden for electric vehicles while increasing range, infrastructure and vehicle choice will be essential in persuading consumers to switch to electric vehicles.

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