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Park+ survey shows most Indian EV owners consider shifting to ICE vehicles
Industry News- Jul 29,24
A significant 88% of respondents expressed concerns about charging anxiety, surpassing the traditional worry of range anxiety.
According to a recent survey by Park+, over 51% of electric vehicle (EV) owners in India are contemplating a return to internal combustion engine (ICE) vehicles. This sentiment is driven by issues such as charging anxiety, high maintenance costs, and low resale values. The survey, which included 500 e-car owners in Delhi NCR, Mumbai, and Bengaluru, provides insights into the challenges faced by EV owners in the country.
A significant 88% of respondents expressed concerns about charging anxiety, surpassing the traditional worry of range anxiety. Despite more than 20,000 EV charging stations across India, users find it difficult to locate safe and functional charging points. This issue restricts most intercity travel to less than 50 kilometers. High maintenance costs are a critical concern for 73% of e-car owners. Many feel their EVs are "a black box," with local mechanics unable to address minor issues, leading to frustration over unclear repair costs due to limited repair shop options.
About 33% of respondents reported lower-than-expected resale values for their EVs. Unlike ICE vehicles, which have established valuation metrics, EVs lack widely used tests to determine battery quality, which constitutes 30% of the vehicle's value. Overall satisfaction among EV owners is lower compared to ICE car owners. The survey revealed that 51% of EV owners would not consider purchasing another EV, preferring to switch back to ICE vehicles due to the everyday hassles of owning an EV.
The TATA Nexon EV emerged as the most popular choice among respondents, with 61% favoring it, followed by the TATA Punch EV at 19%. Owners praised TATA EVs for their design, durability, and safety. BYD also attracted interest, but high pricing and limited test-driving options were noted as barriers.
Amit Lakhotia, Founder and CEO, Park+, emphasized the company's commitment to improving the car ownership experience. He highlighted the need for a robust and smart EV charging infrastructure integrated into the current vehicular ecosystem. "Charging anxiety has overtaken range anxiety by a huge margin," he said, noting Park+'s efforts as the largest EV charger installer in the country.
The survey aligns with statistics from the Federation of Automobile Dealers Associations (FADA), India, which reported nearly 91,000 electric passenger vehicles sold during the financial year 2023-24. The Indian EV market, while developing, still faces challenges that affect owner satisfaction and the overall user experience. However, the potential for improvement is significant, with stakeholders like Park+ working to enhance infrastructure and information transparency.
The study underscores the importance of addressing these issues to support the growth of the EV market in India and improve the ownership experience for current and future EV users.
(Source: ET)
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