New Delhi, 16 September, 2020 (GON): Society of Indian Automobile Manufacturers (SIAM) and Grant Thornton India, released the findings of a opinion poll, titled, “Personal Mobility Experience post COVID-19”. The joint survey suggests a shift in preference, with more consumers likely to opt for owned vehicles, than travel by public transport. 73% of the respondents displayed their willingness to purchase new vehicles as the economy slowly revives.

It is interesting to note that, while 29% of the surveyed respondents planned to purchase a new vehicle over a period of 12 months, 8% showed willingness to purchase new vehicle in the next six months. More than 56% participants feel that it makes better financial sense to keep their current vehicle, considering the overall economic scenario at present.

Speaking on the survey, Mr Rajesh Menon, Director General, SIAM commented, “The automobile industry was already witnessing a de-growth even before the pandemic befell. COVID 19 has further intensified the situation. The survey revealed two clear trends on the personal mobility front. While most consumers are preferring personal mobility over public and shared transportation, the slowing economy and its adverse impacts will continue to remain a cause of worry for consumers when it comes to making new purchases. On the other hand however, due to safety concerns in the wake of the pandemic, customers who earlier were not considering buying vehicles, have also now become potential buyers. The automobile sector has traditionally been one of the most resilient sectors and findings of this aforementioned survey corroborates our optimism towards a healthy resurgence soon.”

Also, as per the survey findings, more than 57% of respondents in metro and non-metro cities, expressed that they are more likely to go for Passenger vehicles for daily commute, when asked about the type of vehicle they are most likely to buy. Respondents also showed preference towards two wheelers and electric vehicles (EVs), accounting for around 20% each.

Overall, 68% of total respondents preferred to stick to the traditional concept of visiting showrooms for vehicle purchases. While 25% were open to exploring online channels, only 7% of total respondents preferred to use digital platforms. ENDS

About SIAM

The Society of Indian Automobile Manufacturers (SIAM) is a not-for-profit apex national body representing all major vehicle and vehicular engine manufacturers in India. SIAM works towards supporting sustainable development of the Indian Automobile Industry with the vision that India emerges as the destination of choice in the world for design and manufacture of automobiles. It also works towards facilitating enhancement of the competitiveness of the Indian Automobile Industry, reducing cost of vehicles, increasing productivity, and achieving global standards of quality.

About Grant Thornton in India

Grant Thornton in India is a member of Grant Thornton International Ltd. It has 4,500+ people across 15 offices around the country, including major metros. Grant Thornton in India is at the forefront of helping reshape the values in our profession and in the process help shape a more vibrant Indian economy. Grant Thornton in India aims to be the most promoted firm in providing robust compliance services to dynamic Indian global companies, and to help them navigate the challenges of growth as they globalise. Firm’s proactive teams, led by accessible and approachable partners, use insights, experience and instinct to understand complex issues for privately owned, publicly listed and public sector clients, and help them find growth solutions.