60 pc consumers in Asia-Pacific will prefer hybrid EVs in future: Study

NEW DELHI, INDIA: Consumers in Asia-Pacific (APAC), including India, will prefer purchasing electric vehicles (EVs) in the future. There will be a shift in preference, with more than half of consumers, as much as 53% globally and 60% in APAC including India, indicating going for a hybrid electric vehicle (HEV), according to a study released by Zebra Technologies Corporation. This survey — Automotive Ecosystem Vision Study — said this increasing demand for EVs comes with challenges as 68% of global automotive industry decision-makers while it is 60% in APAC including India, say they are under high pressure to produce next-generation (electric) vehicles, while 75% of them (7% in APAC including India) are under high pressure to deliver products that are more eco-friendly, sustainable, and safer for the environment. The survey was conducted from August to September 2022, with participation from 1,336 respondents globally, including industry decision-makers, fleet managers and consumers. In APAC, 350 respondents were surveyed across India, Greater China, Japan, and South Korea. Despite a fluctuating economy, automotive manufacturers are ready to invest in technology innovation as seven-in-10, which is 74% globally and 69% in APAC, expect to increase their tech spend and six-in-10, which is 67% globally, 63% in APAC, plan to increase their manufacturing infrastructure spend in 2023, according to the study. The study also highlighted consumers across generations pushing automotive manufacturers' acceleration to technology innovation as eight-in-10 say sustainability and eco-friendliness are key priorities in their vehicle purchase and lease decisions. Eighty-seven per cent of Millennials prioritise sustainability in their vehicles followed closely by 78% of Gen Xers and 76% of Baby Boomers. Within APAC, 85% of consumers were aligned with these key priorities, consisting of 92% of Millennials, 83% of Gen Xers and 72% of Baby Boomers prioritise sustainability the highest. Consumers are driving the growing emphasis on personalisation - the ability to customise a vehicle to their liking. According to the study, nearly four-in-five consumers say personalisation options factor into their decision to purchase a vehicle, and eight-in-10 fleet managers share these same requirements for sustainability and personalisation. APAC consumers resonate with this most strongly when compared with their global counterparts, with 86% prioritising personalisation options in their purchasing decisions, and 92% of fleet managers sharing the same requirements. While nearly 80% of automotive industry decision-makers globally, while it is 77% in APAC including India, recognise consumers expect more sustainable and personalised vehicle options today, around seven-in-10 concede it's difficult to keep up with increasing customisation demands. As a result, three in four automotive manufacturers globally say a top priority is to build strategic partnerships with tech companies for their next generation of production. By RSS/ANI READ ALSO:

• Nepal on the way to adoption of EVs, but faces infrastructural problems
• Edmunds: Best EVs with the longest driving range
• EVs take centre stage at pared-back Paris show
• Norway's fund to invest Rs 5bn in India’s green energy firm SAEL