Third edition of the auto industry survey published lately by PakWheels.com, an auto portal, has revealed new insights into the automotive sector of Pakistan, including people's buying and selling habits, patterns and preferences. Due to the large sample size, ie 11000+ respondents, the survey truly reflects the choices and preferences of Pakistanis from all age brackets, industry sectors and income levels, according to a press release.
It further said that the survey revealed 75% of the drivers on Pakistani roads were breaking the law by not complying with the Provincial Motor Vehicles Ordinance, 1965, which mandatorily required every car in Pakistan to be insured. According to the survey, only 25% of Pakistanis had their cars insured, which was primarily because they were bank-financed and insurance was mandatory for them. The press release says that the survey further validated that Toyota Corolla was the most preferred car of Pakistan followed by Honda City, Honda Civic, Suzuki Mehran and Suzuki Cultus respectively. As expected, the market was still dominated by Big 3 brands Suzuki, Toyota and Honda. The anticipated entry of other auto manufacturers in Pakistan, including Nissan, Datsun, Renault, Volkswagen etc in the near future could give a really tough time to the Big 3 in Pakistan.
The survey has also thrown light onto the car buying habits of Pakistanis with 60% of the respondents buying used cars and 40% buying new cars. Though auto financing has seen rapid growth over last 2 years, yet according to the survey, only 22% of the new car owners and 5% of the used car owners purchased through auto financing or loan. These numbers give a clear indication that banks will witness significant growth in auto financing in the coming days.
Although YouTube, Facebook, and other online digital mediums have significantly altered the viewing and listening habits of people, they have yet to make significant inroad into car, as survey revealed that a massive 74% of consumers are still listening to radio while driving. "With 50% of Pakistan's internet population engaged with us, we take great pride in being the consumer voice when it comes to auto industry and these yearly surveys provide insight into future of auto industry in Pakistan" said Muhammad Raza Saeed, CEO PakWheels.com. PakWheels.com was established in 2003 and has since then, helped millions of Pakistanis with buying and selling cars, bikes, auto parts; car news, reviews and information.-PR