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, “ - 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 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:
Mahindra & Mahindra Limited Maruti Suzuki India Limited
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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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