Reasons Behind The Surge In Women's Car Ownership & Possession In India
Car purchasing was not common for the Indian women in the past, as it was considered a male-dominated industry marketed for men. However, in the current market segment, 15% of women make up the total car buyers, with a higher expectation to increase in the near future. The surge has been astonishing, and some of the significant reasons behind this graph can be changing lifestyles, higher education, work opportunities, self-employment, etc.
Nonetheless, one important question is what women look for in a car while purchasing it. Is there any buying pattern they follow? In this blog, we will tell you the reasons behind an increase in women's car acquisition and ownership. We will also mention a few possible factors women consider while purchasing it.
Top Reasons Behind An Increase In Women's Car Ownership In India
The trend of women owning a car has become noticeable in the automobile industry. Companies and financial institutions are also providing them with enticing offers and features for a better experience. The largest car marker, Maruti, shares that the share of women car owners has hiked from 7% to 12% in these five years, which is supposed to increase more over time. As per the reports, women are purchasing small cars, such as Maruti Alto and Renault Kwid, along with large Sedans and SUVs.
In addition to that, here are some reasons behind an increase in women's car ownership in India:
Availability Of Car Loans & Insurance Policies
Automobile companies have come up with numerous car schemes offered by banks and other institutions specifically for women. They are providing women with conceding interest rates and many other benefits for attaining the loan. So, if you are looking for car insurance, we are here to help you with our best services.
Financially Independent & Self-Employed
Owning and knowing how to drive a car is believed to be a liberating practice for women in India. Nevertheless, women own cars these days, and some topmost reasons behind this can be being financially independent and self-employed, having a precarious life and income to fulfil their desired needs.
Safe & Easy-To-Drive
Commuting from one place to another has become much easier and safer for women. The automobile industries cater to women with unique features like tracking devices, auto gear, automatic headlamps, lane-departure warnings, rain sensors, and many more. It has become a lot less risky than driving scooters or bikes.
Vehicle-Type Choice
Women can also choose the vehicle type of their choice. The automobile industry has a range of cars available, such as Sedan, Couple, SUV, MUV, Hatchback, Convertible, and Pickup Truck. Besides this, you can also choose between auto and manual cars as per your desire to make your journey smoother and easier.
3 Things Women Buyers Look For When Purchasing A Car
The automobile industry market excessively to men, but one essential factor is that women are the key influencers when it comes to purchasing a new car. According to Woman Motorist, an online magazine, women buy 52% of all the latest cars in the market, impacting 85% of car-purchasing decisions in the industry.
Hence, to make it more comprehensive for you, we have come up with three essential traits that women buyers look for while purchasing a car, which are as follows:
Safety
Safety is the topmost trait women want to ensure while purchasing a new car. They tend to research in depth regarding the safety elements before going behind the wheel. Some key factors include all-around visibility, crash tests, tracking devices, keyless entry, alarms, airbags, and an automatic emergency braking system. Precisely, a car with a good appearance but no safety features is never a go-to option for a woman.
Features
With the increasing number of women ownership over the automobile industry, they are well aware of the facilities that come with the products, such as GPS, automatic transmission, rear parking camera, run-flat tyres, cruise control, and many more. So, instead of the just exterior, women also consider the real-time security and all the desired features a car can provide.
Performance
Women care highly about performance, from fuel to durability. They do not want cars to look good but genuinely consider their reliability a significant deciding factor. Hence, for them, performance is the key to having a smoother and more fun driving experience.
To conclude, women are not just encouraged in the business or political industry but also in the automobile segment. The industry caters to women by developing women-friendly features, car insurance, providing car training, and offering exclusive accessories. These are some prominent reasons why women are comparatively more empowered today to make crucial decisions. So, if you are one of those women planning to purchase a new car, you can check out the Park+ website and find the latest car options available.
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