A majority of people are likely to use a personal car or two-wheeler as mode of transportation post Covid-19, says a new survey.
The research shows that the pre-owned vehicle will see a good traction as 96 per cent of the respondents want to purchase used car. The survey was conducted by Shriram Automall, India’s largest platform for pre-owned vehicles and equipment.
The survey titled ‘On Buyers’ Vehicle Purchasing Behaviour Trend due to Covid-19′ stated that due to health and safety concerns, the personal convenience will become popular over public transport where demand of pre-owned vehicles would like to rise compared to new vehicles.
Automobile industry is likely to decline significantly in FY 2020-21 across vehicle segments. Commercial vehicles sales are expected to drop by 26-28 per cent, while passenger vehicles drop would be in the tune of 24-26 per cent, two-wheelers may drop by around 21-23 per cent and tractors may drop by around 7-9 per cent.
In 2019-20, total new CV sales was 7.18 lakh vehicles, PV sales were 27.74 lakh, two-wheelers around 174.18 lakh and tractor sales were 7.09 lakh.
Nearly 89 per cent of the respondents are likely to use a personal car (63%) and two wheeler (26%) as mode of transportation post covid-19, while 88% respondents want to purchase a vehicle post lockdown and 69% respondents want to purchase a vehicle within 0-3 months post lockdown.
Around 96% respondents want to purchase a pre-owned vehicle post lockdown, while only four per cent wanted to go for new vehicles and 47% respondents want to purchase a car post lockdown, according to the findings of the survey.
On the impact of Covid-19 on Purchase Decision, it was stated that 77% respondents have reduced their budget to purchase a vehicle post lockdown and 73% respondents have admitted that they want to purchase a used vehicle due to Covid-19.