Buyers of new vehicles in India are increasingly looking at models in the utility vehicle and mid-size car segments, according to research firm J D Power Asia-Pacific.
30 Sep 2015 | 4253 Views | By Autocar Professional Bureau
Buyers of new vehicles in India are increasingly looking at models in the utility vehicle and mid-size car segments, according to research firm J D Power Asia-Pacific.
“The share of new-vehicle buyers who consider small cars during their shopping process has decreased to 45 percent from 65 percent in ...
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Buyers of new vehicles in India are increasingly looking at models in the utility vehicle and mid-size car segments, according to research firm J D Power Asia-Pacific.
“The share of new-vehicle buyers who consider small cars during their shopping process has decreased to 45 percent from 65 percent in 2012. Concurrently, the number of shoppers who consider utility vehicles and midsize cars has increased by 12 percentage points and 7 percentage points, respectively,” said the ‘2015 India Escaped Shopper Study’ by J D Power.
The study is based on responses from 8,116 buyers and 2,983 rejecters of new cars and new utility vehicles who purchased their vehicle between September 2014 and April 2015.
“Today, price gaps between vehicle segments have narrowed with many automakers offering models of different body types around the same price point. This has given new-car buyers a wider range of vehicles for consideration, including larger models,” said Mohit Arora, executive director at J D Power.
Among other key findings of the study is the fact that Maruti Suzuki remained the most considered brand with nearly 40 percent of buyers opting for at least one model from the company. The study found that the overall customer retention stands at 37 percent in 2015, down slightly from 38 percent in 2014. Toyota has improved its customer retention rate the most over last year.
Another interesting revelation by the study is that price of a vehicle is the key deal breaker for customers in India, followed by exterior design and then fuel efficiency.
As per the study, consideration for newly launched models has increased among new vehicle shoppers in India. In 2015, 10 percent of all shoppers considered a newly launched model, the highest in the last three years. Also, repeat vehicle buyers are typically more open than first-time buyers when it comes to selecting a newly launched model, the study says.
The study, which examines the reasons why new-vehicle shoppers consider but ultimately reject certain models in flavor of another, was fielded from March through July 2015.