- Majority of the respondents are willing to pay extra for more safety features
- Respondents will consider four or five-star rated vehicles for their next purchase
A new survey titled “Indian Consumers’ Safety Behaviour and Perception of Vehicle Security” has been recently released by Mobility Outlook, a brand of CarTrade Tech. The survey highlights the Indian customers’ automobile purchase habits, which also includes their attitude towards safety, security, and associated technology. The findings are based on the analysis of nearly 2,70,000 responses from across the country. A comprehensive analysis was conducted by Mobility Outlook’s validation partner, Frost & Sullivan.
The recent emphasis on mandatory safety equipment from the government has resulted in creating more awareness among potential buyers. Most of the respondents are reportedly well-acquainted with vehicle safety features such as airbags, ABS, roll-over mitigation, and other safety features. A vast majority picked critical safety features, while only 16 per cent stated ‘not particular’. Although a majority of respondents are aware of vehicle safety ratings, 27 per cent among them were unaware of the safety ratings.
The survey further highlights that 45 per cent of the respondents felt new vehicles would be safer than used vehicles, regardless of safety ratings, thereby also highlighting the need for better communication. About 3/4 of the respondents have indicated a preference to explore four or five-star rated safety vehicles for their future vehicle purchase and are also willing to extend their budget for safety. The findings highlight a growing sense of responsibility among domestic customers.
Furthermore, 17 per cent of respondents believed that cars with improved safety features attract better resale value. The finding also reveals that nearly one-third of the respondents are willing to spend more than Rs 30,000 for upgraded safety features, while 30 per cent of the respondents believe that security features need to be standard in all vehicles. The survey further reveals that respondents ranked Tata Motors, Maruti Suzuki, and Honda Cars as the vehicles with the most security features.
Commenting on the survey, Banwari Lal Sharma, CEO - Consumer Business, CarTrade Tech, said, 'The automotive industry is experiencing an industry transformation, with new security and safety features being introduced and incorporated. At the same time, this may bring a significant amount of complexity to the customers’ experiences. Hence, the automotive industry and its stakeholders need to understand how customers perceive such advancements. With this survey, we would be able to identify the demographics and places that require the greatest attention in terms of safety and security, as well as the consumers' perceptions and behaviour in these areas.'
