India SUV Market to Grow at a CAGR of 10.40% through 2028
The steady advancement in technology and surge in purchasing
power is expected to boost the demand for the Indian SUV market over the
forecast period, 2023-2028.
According
to TechSci Research report, “India SUV Market - By Region,
Competition Forecast & Opportunities, 2018-2028”,
the India SUV market stood at USD 196.75 million in 2022 and is expected to
register a CAGR of 10.40% over the forecast period, 2023-2028, to reach USD381.79
million by 2028. SUVs are gaining popularity and capturing more market share
over hatchbacks as they are highly spacious, more resistant to bad weather, and
have a large capacity. Moreover, the rapid development and expansion in
technology like ADAS
technology incorporated in upcoming SUVs are also expected to boost the Indian
SUV market growth over the forecast period.
Browse over 26 market data Figures spread through 70
Pages and an in-depth TOC on "India SUV Market"
The India SUV market is segmented into type,
seating capacity, fuel type, regional distribution, top 10 states, and
competitive landscape. On the basis of type, the market is segmented into compact,
mid-size and large SUV. Compact SUVs are expected to dominate the market and capture
around 63% of the total market share in 2028. There is high demand for compact
SUVs in the country due to their features like relatively low in
price, ease of parking, and navigating over other types. Rapid
urbanization, improvement in living standards, and consumer expenditure
capacity further bolster the country's SUV market growth.
Moreover, the large SUV segment is
anticipated to witness the fastest growth in the upcoming years because their
high seating positions offer more visibility, and also they are much safer
based on their size, durability, and ruggedness.
On the basis of fuel type, the market is
segmented into petrol, diesel and electric. The electric segment witnesses the
fastest growth in the market during the forecast period. This is primarily due
to the reason that the hybrid
and electric vehicles are more fuel efficient, and government
is also implementing stringent regulations on greenhouse gas emissions to
maintain the environmental balance. Therefore, the aforementioned reasons are
propelling the SUV market growth in the country.
Based on the seating capacity, the
market is segmented into 5-Seater and 7-Seater. 5-Seater led the market in 2022
and is expected to grow with a substantial CAGR of 7.97% over the forecast
period as they are more affordable, has well sorted dynamics, quite suitable
for congested areas and easy to park. Furthermore, 7-Seater segment is also
showing the tremendous growth during the upcoming years. This is primarily
attributed to the reason that it is more comfortable, convenient, has more storage
space and is more versatile.
Major market players operating in India
SUV market are:
- Hyundai Motors Company
- Tata Motors Ltd.
- Mahindra & Mahindra Limited
- Maruti Suzuki India Limited
- Toyota Motor Corporation
- SAIC Motor Corp., Ltd.
- Volkswagen AG
- Stellantis N.V.
- Ford Motor Company
- Honda Motor Co., Ltd.
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“Growing need for luxury and premium
vehicles that are more comfortable and safer, the rising standard of people,
surge in demand for off-roading vehicles are propelling the market growth. Moreover, the government
is also implementing the rules and regulations to minimize harmful greenhouse
gas emissions and also in addition to this, SUV are electrifying in the coming
years which is further expected to propel the electric SUV market growth in the
country till 2028," said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“India SUV Market By Type
(Compact, Mid-Size and Large), By Fuel Type (Petrol, Diesel and Electric), By Seating
Capacity (5-Seater and 7-Seater), By Region, By Top Ten States, Competition,
Forecast and Opportunities, 2018- 2028F”, has evaluated the future
growth potential of India SUV market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in India
SUV market.
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