India has been one of the countries to feature the highest fuel prices, owing to which a lot of Indian buyers pay much importance to fuel efficiency figures. It is indeed the most important factor while choosing a new car. The other factors that a consumer looks for is enhanced vehicle lifespan, safety features and comfort. The facts are supported on the basis of KPMG Global Automotive Executive survey report.
Speaking more on the occasion, Rajeev Singh, Head of Automotive sector, KPMG in India said, "The Indian Automotive industry is likely to face further pressure on two fronts: while on one front the regulatory norms are likely to get tougher on safety, emission norms, fuel efficiency, manufacturing defects and product recalls, on the other hand the product life cycles are getting shortened, there are frequent changes in product ownership and likely emergence of new product segments." He further added, “There is also going to be a phenomenal growth in the second hand car market in the country and it will be one of the key success factors for players who enable easy exchange to increase their market share. The industry is also likely to see huge investments in the next couple of years. It is one of those distinctive markets where there is a huge potential at both ends of the pyramid; the small cars and high end luxury cars. There is also a likelihood of increased prominence of women customers.”
Consumer buying decision as stated by Original Equipment Manufacturers (OEMs) has stated that it is based careful balance between product quality and cost optimization.
Source: ET
