It is a woman’s world out there, and it would be incorrect to call this a mere trend. Women have been making massive leaps in a variety of fields across industries. This has led to a growth in confidence among women. Increasing financial independence has contributed greatly in allowing women to take control of their mobility. From women-specific loans to car manufacturers specifically marketing to women, there are a number of ancillary factors pushing women into pole position when it comes to buying cars. This is something that has been dominantly observed in Indian metros where nuclear families are opting for higher mobility for both partners.
Car loans to women in the country have taken a leap from 69% to 76% over the last five years. A Nielsen report for car buying trends in India states that women are more likely to consult their spouses and family members before buying a car. It is important to note that the growth of women buyers in the luxury car segment is one of the highest in the industry.
A Frost & Sullivan report has found that for the first time in history, women have more driving licenses in the US than men. Markets like Germany too have over 40% of their driving licenses issued to women. While India might have a long way to go when it comes to figures such as this, it is heartening to know that we are well on our way to reach them. Between 2008 to 2011, according to a Nielsen report, Patna saw the number of cars registered by women doubling. In 2012, nearly 14% of all those who drove a car were women, double the figures from 2007.
Here are a few reasons why more and more women are choosing to invest in their own car:
Mobility is Independence
It is as simple as the freedom to drive, to have their mobility at their fingertips that women hold dear. The marked growth of women buyers over the last five years in India is simply because more and more women are embracing the freedom that comes with a car. Women have made it known, in no uncertain terms, that they are the next big market for car manufacturers.
The Women Influence
Even when it is the male member of the family buying a car, women play a huge role in influencing this decision. Women, statistically speaking, are more practical when making car buying decisions. They prefer options like safety, sustainability and parking assist among other advanced factors.
Buying a Car is Easier Today
With increasing avenues to get loans at more affordable rates, car buying has never been easier. From luxury cars to hatchbacks, women have been taking the driver’s seat when it comes to being in-charge of their mobility. While the percentage of women car buyers in India is still small as compared to men, there is a significant surge in the number of women car buyers in the country.
Younger Women Taking Charge
Statistics state that women under 35 years of age are more likely to buy a car. While that is not surprising, it helps identify the outlook of young women towards their independence and mobility. Buying a car is a means of signifying that burgeoning confidence.
The Nielsen report also states that women, much like men, feel that the brand name of the car they are investing in as being most important. They are, however, less likely to worry about mileage, design and pricing. The second most important thing about the car they are investing is the safety features it affords. All this points to the increasing buying power of women when it comes to cars today.