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Automobile Demand Predicted To Go Up

Increasing demands for cars due to fear of corona virus.

Culture Compass
Culture Compass
5.5Focus
GenderMale
AgeMiddle Aged (35Y-55Y)
GeographyIndia, Asia, North America

The automobile sector suffered an approximate decline of 18 % in consumers after the corona broke out in March 2020 all over the countries like the US, China and India itself, but a recent survey gives a glimmer of hope to the companies.

A survey conducted by used car market leader Mahindra First Choice Wheels, nearly 75% of the respondents said they were willing to buy a car in the wake of the lockdown. The preference is also for smaller and more affordable vehicles. According to the survey, demand for the Rs 3-5 lakh range is up from 14% to 16%.

Social distancing will be a major factor in the shift towards private vehicles in the post-COVID-19 world. In public transport systems across India, it doesn’t provide any guarantee for social distancing. Moreover, trains and buses are always overcrowded during peak hours for social distancing to be even possible.

References – Times Of India

Culture Compass
5.5Focus
The impact on the vehicle industry during and post lockdown due to fear of the spread of corona is the increasing preference for owning a personal vehicle. This might be good news in the coming time for the automobile industry to pick up business once the lockdown is over.

Breakdown

  • Popularity 9.0
  • Inventiveness 2.0
  • Engagement 6.0
  • Human Centricity 5.0

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