With 40% of respondents favouring hybrids and only 17% opting for EVs, the shift suggests a cautious approach as consumers await more robust
According to Saket Mehra, Partner and Auto & EV Industry Leader at Grant Thornton Bharat, automakers must focus on both hybrid and electric solutions to match changing demands. This year’s festive season—typically accounting for 30-40% of annual sales—is critical, yet high inventory levels, weather impacts, and regional elections have slowed growth. Utility (UV) and sports utility vehicles (SUVs) continue to dominate, now representing 65% of passenger vehicle sales with 13% growth year-over-year.
Despite a slow start to FY25, the popularity of SUVs and UVs reflects a strong preference for versatile vehicles. Yet, automakers are grappling with inventory challenges, with 7.9 lakh units worth ₹79,000 crore in stock as of September 2024. To tap into festive demand, nearly 90% of consumers expect substantial discounts.
The survey also highlights a shift in consumer priorities, with a heightened focus on