53 Per Cent Indians Agreed To Pay Upto Rs 1 Lakh More For EV: Study

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  • Globally preference for hybrid electric vehicles (HEV) is led by Japan at 47 per cent, India took the second place
  • 81 per cent of the people expressed that they will consider battery electric vehicles (BEVs) if gasoline prices exceeded Rs 152 per litre
Image for representation (pic credit-ceth ksu)

53 per cent of Indians agreed to pay upto Rs 1,00,000 more for EVs compared to a similar vehicle with internal combustion engine (ICE) according to the findings of Deloitte’s 2020 Global Automotive Consumer Study. The report also stated that 10 per cent respondents showed reservation regarding paying anything extra. 21 per cent said they will pay anything more between Rs 100,000 to Rs 300,000 as per the study.

India takes second place in global preference for HEVs

The study also showed consumers across geographies continue to move away from ICE vehicles. It noted that globally preference for hybrid electric vehicles (HEV) is led by Japan at 47 per cent. India took the second place.

As per the study, 51 per cent Indian consumers prefer ICE vehicles for the next purchase. It said that 25 per cent Indian consumers vouch for hybrid electric vehicle (HEV) and 15 per cent prefer battery electric vehicles (BEV). Only nine per cent went for options like ethanol, CNG and fuel cells.

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Shift to EV if gasoline prices exceeded Rs 152 per litre

The study also pointed out around 81 per cent of the people expressed that they will consider battery electric vehicles (BEVs) if gasoline prices exceeded Rs 152 per litre. It said that 31 per cent are interested in battery EVs EVs if fossil fuels rise upto Rs 95 per litre.

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