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Most Indian customers could consider buying an electric vehicle by 2022: Study

NEW DELHI: Most consumers in India would consider buying an electrical vehicle by 2022, but most of them also believe that it won’t be until 2025 that the bulk of latest cars purchased are electric, consistent with a study by lubricants major Castrol.

The study found that on a mean for consumers in India, a price point of Rs 23 lakh (or USD 31,000), a charge time of 35 minutes and a variety of 401 kilometres from one charge represents the ‘tipping points’ to realize mainstream EV adoption.

Consumers in India are seeking a lower cost point for EVs than consumers in other countries, with the worldwide average tipping price point for EVs being at USD 36,000 (around Rs 27 lakh), it said.

Castrol took the response of over 1,000 consumers, fleet managers and industry specialists across India this year as a part of a survey of nearly 10,000 people across eight of the world’s most vital EV markets.

As per the report, on the average consumers in India said they might consider purchasing an EV by 2022. this is often two years before the worldwide average of 2024. However, two thirds (67 per cent) of consumers in India said they’re adopting a “wait and see” approach. Over 40 per cent of fleet managers said they’re expecting competitors to form the switch before they are doing.

The study also found that misconceptions about maintenance costs might be stopping consumers from making the switch with 83 per cent of Indian consumers stating that these costs were preventing them from buying a totally electric.

The time taken to charge the battery was identified because the second most vital challenge to the mainstream adoption of EVs and consumers in India said they require a mean charge time of 35 minutes before they might consider purchasing an EV. this is often several minutes longer than the worldwide average of 31 minutes, the report said.

“Nearly three quarters (72 per cent) of these questioned believe EVs will only dominate on the roads once they will charge during a similar amount of your time because it takes to refuel an indoor combustion engine (ICE) vehicle,” it added.

Stating that ‘range anxiety’ is real, the report said 64 per cent of Indian drivers agreed that it’s a big barrier to mainstream adoption of EVs.

“On a mean, they expect a variety of 401 km (from one charge), approximately like the space between Ahmedabad and Indore,” it said.

Commenting on the findings, Castrol India MD Sandeep Sangwan said, “Castrol’s global research shows that buyers are positive about making the switch to electric, buyers in India are keen to try to so before those in other markets.”

He further said, “Although consumers in India are seeking a lower cost point than consumers in other countries, they’re also willing to simply accept a rather longer charge time and a rather shorter range.

“These market-specific nuances are important. Accelerating the ‘EVolution’ provides a transparent road map for the industry to assist support the transition to accelerate mainstream adoption of EVs in India and around the world,” Sangwan added.

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