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Majority of millennials in India questioning need to own vehicle: Deloitte
Deloitte
As shared mobility gains traction in India, 51 per cent of millennials are questioning the need to own a vehicle, according to a global study by Deloitte.
New Delhi: As shared mobility gains traction in India, 51 per cent of millennials are questioning the need to own a vehicle, according to a global study by Deloitte.
As per Deloitte's 2019 Global Automotive Consumer Study, consumers in India feel empowered trusting the power of digital solutions that make their commute safer.
It also said 76 per cent of respondents in India were in favour of connected vehicles with 84 per cent feeling that connected vehicles will be beneficial in providing suggestions regarding safer routes along with updates to improve road safety and prevent potential collisions.
"Shared mobility is another trend which is gaining momentum in India. The report uncovers a clear generational divide when it comes to shared mobility," Deloitte said.
Compared to the older generation, younger consumers are more likely to understand the idea of shared mobility and to question whether vehicle ownership is a necessity.
Therefore, ride-hailing has been integrated in some markets and the concept is progressing in India, the report added.
As per the report, 51 per cent of Gen Y/Z users in India are questioning the need for an owned vehicle, while 44 per cent of Gen X have similar thoughts.
On the other hand, only 34 per cent of pre/boomers' generation have questioned the need for an owned vehicle, the Deloitte added. Commenting on the findings, Deloitte India Partner Rajeev Singh said, "India is at the cusp of digital transformation as we see a whole new way of engagement, interactivity and consumption pattern.
With that, the future is truly going to be driven by mobile connectivity and digital power."
He further said even though the daily usage of personally owned vehicles in India is quite high, the cumulative vehicle sales for the country have seen a sharp decline over the last year.
"It is expected that the younger audience would subvert the trend of personally owned vehicles in the time to come with their growing affinity, towards shared mobility and digital technologies," Singh said.
Currently in India, 47 per cent of consumers use their own vehicle everyday which is expected to increase to 50 per cent in the next three years, the report said.
As part the study, Deloitte said over 10,000 consumers across Australia, China, India, Japan, the Republic of Korea, and Southeast Asia shared their views on critical issues impacting the automotive sector.
