Park+, a major platform managing around 1.5 crore (15 million) cars and over 25,000 verified electric vehicle (EV) owners, recently conducted an insightful survey of 500 EV owners across Delhi-National Capital Region (NCR), Mumbai, and Bengaluru that shows falling levels of satisfaction.
This study sheds light on the electric vehicles market in India, highlighting key issues such as charging anxiety, maintenance costs, resale value as well as owner satisfaction.
The survey findings found the following and their implications are given below:
Charging anxiety: A growing concern
Charging anxiety has emerged as a significant challenge for electric vehicle owners, impacting 88 per cent of those surveyed.
This issue has now overtaken range anxiety, which was previously a major worry for EV drivers.
Despite India having more than 20,000 EV charging stations, many users find it difficult to locate reliable and safe charging points.
This ongoing challenge forces many drivers either to limit or abandon their intercity travel plans to less than 50 km in order to avoid running out of battery power.
Maintenance cost and repair difficulties
Maintenance cost is another pressing issue for electric vehicle owners, affecting 73 per cent of survey participants.
Many drivers described their EVs as “a black box,” as they feel confused about the repair needs.
Added to this is the difficulty in finding of skilled local mechanics who can address minor issues effectively.
Additionally, the scarcity of repair shops makes it challenging for owners to get a clear idea on repairs.
Decline in resale value
Resale value is a big concern among EV owners, with 33 per cent of respondents claiming that the resale value of their vehicles was significantly lower than anticipated.
Unlike internal combustion engine (ICE) vehicles, whose values are based on age and mileage, determining the resale value of an EV is complex.
The condition of the battery, which accounts for about 30 per cent of an EV overall value, lacks standardised assessments, leading to unpredictable resale prices.
Owner satisfaction and preferences
The survey revealed a lower level of satisfaction among EV owners compared to their ICE counterparts.
Approximately 51 per cent of 4W EV owners said that they would not consider purchasing another EV, citing the daily hassles of EV ownership as a key factor.
This dissatisfaction is partly due to the fact that the market for second-hand EVs is still developing.
Popular electric vehicle models
In terms of brand preferences, the Tata Nexon EV is the most favoured choice, receiving 61 per cent of the votes.
The Tata Punch EV follows with 19 per cent of the votes. Respondents praised Tata EVs for their design, durability, and safety features.
BYD also attracted attention, though its higher pricing and limited test drive options were seen as obstacles for potential buyers.
Insights from Park+ CEO
Amit Lakhotia, founder and chief executive officer (CEO) of Park+, provided valuable insights into the survey results. He emphasised the company’s commitment to improving the car ownership experience.
Industry trends and future outlook
The survey findings align with recent data from the Federation of Automobile Dealers Association of India (FADA), which said that nearly 91,000 electric passenger vehicles were sold in India during financial year 2023-24.
E-Vroooom’s views
The Indian EV market is still evolving and there is significant potential for improvement and with continued investment in infrastructure and technology boost, the overall satisfaction levels for EV owners is expected to enhance significantly in the near future.
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