Car Buyers Seeking Both Luxury and Sustainable Mobility Options: Survey .

Survey Highlights Shift in Passenger Vehicle Preferences

According to a recent survey titled ‘Shifting Gears: Understanding Passenger Vehicle Market Trends’, a significant 85 percent of respondents are now considering premium models, with a notable shift towards hybrid vehicles over electric vehicles (EVs).

Hybrid Vehicles Gaining Popularity

The survey, which included insights from over 3,500 participants nationwide, revealed that 40 percent prefer hybrid cars, while only 17 percent favor EVs. Meanwhile, 34 percent continue to opt for petrol vehicles, indicating a transitional phase in the market.

Consumer Expectations and Market Dynamics

As hybrid models gain traction, they are seen as a bridge to alternative technologies, potentially accelerating future EV adoption. Grant Thornton India’s Auto & EV Industry Leader, Saket Mehra, emphasized the need for automakers to adapt to these evolving consumer preferences.

Challenges and Opportunities Ahead

Despite a sluggish start to FY25, with overall domestic sales rising just 0.5 percent, the utility vehicle (UV) and sports utility vehicle (SUV) segments continue to thrive, accounting for 65 percent of passenger vehicle sales. With high inventory levels and the festive season approaching, nearly 90 percent of respondents expect increased discounts, presenting a pivotal opportunity for automakers to meet consumer demand.