CONSUMER PERCEPTIONS AND PREFERENCES REGARDING ELECTRIC VEHICLES (EVS), WRT. MARUTI SUZUKI'S

Abstract

Maruti Suzuki, a cornerstone of India's automotive industry, finds itself at a pivotal moment amidst the rising tide of the electric vehicle (EV) era. Despite its longstanding dominance in the traditional vehicle market, Maruti Suzuki now confronts heightened competition from Tata Motors and Hyundai in the swiftly evolving EV sector. Shareholder apprehensions regarding Maruti Suzuki's pace in transitioning to EVs compared to its rivals underscore the critical need for a strategic and adaptable approach. My proposed solution positions Maruti Suzuki's venture into EVs as essential for preserving its market leadership and fostering consumer trust. Currently in the initial phase, the company aims to introduce six EV models by 2031. Success hinges on consumers embracing affordable and appealing EV options, necessitating innovation, astute marketing strategies to reshape perceptions, and ongoing adaptation to maintain a competitive edge in the dynamic EV landscape. During the data analysis phase, insights into the target audience unveil a predominantly young demographic, aged 18-27, with a male and student bias. With over 91% of respondents already car owners, this demographic presents a ripe opportunity for cross-selling EVs. Notably, 47.3% express a strong interest in EVs, citing price, range, and charging infrastructure as pivotal factors influencing their decisions. Maruti Suzuki's extensive distribution channels—including Maruti Suzuki Arena, Nexa, True Value, and commercials—underscore the company's wide-reaching presence. To bolster these channels, marketing recommendations include establishing EV experience centres, forging partnerships with charging providers, implementing digital marketing initiatives, and hosting educational workshops to enhance brand visibility and consumer awareness. Strategic communication channels, brand awareness, and perception management emerge as crucial components. Leveraging existing brand loyalty and emphasizing affordability within the ₹15 lakh range are identified as key market entry points. This refined strategy serves as a comprehensive roadmap, guiding Maruti Suzuki's marketing team in precise targeting, strategic communication, and brand perception enhancement. In conclusion, my executive summary encapsulates a robust strategic roadmap for Maruti Suzuki, addressing challenges and capitalizing on opportunities in the EV revolution. Grounded in a consumer-centric approach, innovative marketing strategies, and a steadfast commitment to reshaping consumer perceptions, this roadmap positions Maruti Suzuki as a formidable contender in India's rapidly evolving EV market.