CHENNAI: A new study released by Castrol draws on the views of consumers, fleet managers and automotive industry leaders from across India to reveal the factors driving EV buying decisions.
The study –Accelerating the EVolution — reveals that on an average for consumers in India, a price point of Rs 23,00,000 (or $31,000), a charge time of 35 minutes and a range of 401 km (from a single charge) represent the ‘tipping points’ to achieve mainstream EV adoption.
The research also estimates that the annual EV market in India could be worth $2 billion by 2025 if all three tipping points are met, pointing to a possible EV-powered low-carbon recovery for the automotive industry.
Sandeep Sangwan, managing director at Castrol India Ltd, said: “Castrol’s global research shows that consumers are positive about making the switch to electric; buyers in India are keen to do so earlier than those in other markets. Although consumers in India are seeking a lower price point than consumers in other countries, they are also willing to accept a slightly longer charge time and a slightly shorter range. These market-specific nuances are important; Accelerating the EVolution provides a clear roadmap for the industry to help support the transition to accelerate mainstream adoption of EVs in India and around the world.”
