So you thought that alternative automotive technology is a Gen Z thing? In reality that may not be true. According to the Global Automotive Consumer Study by Deloitte, the demand for electric vehicles in India is highest in the 35 years and above age group.
According to the data, 27% of those surveyed in the 35-54 year age group would prefer to buy a gasoline and electric hybrid vehicle, 15% in that category prefer plug in hybrids and 11% want battery electric vehicles. In the 55 years and above category, 23% want hybrids, 11% plug ins and 20% battery EVs. In contrast, 20% in the 18-34 year old bracket want hybrids, 10% plug ins and just 5% want EVs.
“This goes against a general perception of the younger crowd preferring EVs,” said Rajeev Singh, partner and consumer industry leader, Deloitte Asia Pacific. “In case of hybrids and plug in hybrids too, it is the middle age consumers (35 to 54 years old) who have the highest intent to go for these powertrain technologies,” he added.
“In EVs, it is the 55 year olds and above who are driving demand.” This trend in India, he said, mimics what happened in the Chinese market 6-8 years ago. While demand is now equally divided between young and middle-aged consumers, back then it was the middle-aged buyer who could afford the more pricey EVs.
The India data is from bigger cities where customers are more internet savvy and tech conscious. “The study showed that over the next one year 50% of those surveyed are looking at a non-ICE vehicle including CNG, hybrid, or EV showing the intention curve,” said Singh.
Overall, the study showed that 24% of the respondents across all age-groups in India want hybrid vehicles, 10% are rooting for EVs and 12% plug in hybrids. “Around 85% of the current sales in CY23 were ICE/CNG, 10-12% were hybrid and 2% were EV. While the intention to buy hybrid is 24%, actual sales are 12% which means 50% of people who want to hybrid are buying hybrid and only 20% of people who want to buy EV are actually buying EV because of charging anxiety,” he added.
It’s also interesting that more male customers intend to buy EVs than female. According to the study, 25% of women and 22% men want to buy hybrids, 9% women and 15% men want plug ins and 9% women and 11% men want EVs.
