SUVs - India

  • India
  • Revenue in the SUVs market is projected to reach €9bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.83%, resulting in a projected market volume of €9bn by 2028.
  • SUVs market unit sales are expected to reach 964.6k vehicles in 2028.
  • The volume weighted average price of SUVs market in 2024 is expected to amount to €9k.
  • From an international perspective it is shown that the most revenue will be generated in the United States (€255bn in 2024).

Key regions: United States, Germany, United Kingdom, India, China

 
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Analyst Opinion

The SUVs market in India has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this segment.

Customer preferences:
Indian customers have shown a growing preference for SUVs due to their spaciousness, versatility, and ruggedness. SUVs are seen as a status symbol and are often associated with a sense of adventure and freedom. Additionally, Indian roads are notorious for their poor conditions, and SUVs are perceived as better equipped to handle these challenges compared to smaller cars. As a result, many customers are opting for SUVs as their preferred choice of vehicle.

Trends in the market:
The SUVs market in India has witnessed a surge in demand from both urban and rural areas. This can be attributed to several factors. Firstly, the increasing disposable income of the middle class has made SUVs more affordable for a larger segment of the population. Secondly, the rise of ride-sharing services has created a need for vehicles that can accommodate multiple passengers and luggage, making SUVs a popular choice among drivers. Lastly, the introduction of compact SUVs has further fueled the market growth, as these vehicles offer the benefits of an SUV in a smaller and more affordable package.

Local special circumstances:
India is a diverse country with varying terrains and weather conditions. From the crowded streets of metropolitan cities to the rugged landscapes of rural areas, SUVs are well-suited to navigate through these diverse environments. Additionally, the Indian government has implemented various policies and incentives to promote the adoption of electric vehicles, including SUVs. This has further contributed to the growth of the SUVs market, as manufacturers are introducing electric SUVs to cater to the increasing demand for environmentally-friendly vehicles.

Underlying macroeconomic factors:
India's economic growth and rising middle class have played a significant role in the development of the SUVs market. As the country's GDP continues to grow, more people have the purchasing power to afford SUVs. Additionally, the availability of easy financing options and attractive loan schemes has made it easier for customers to buy SUVs. Furthermore, the government's focus on infrastructure development, including the construction of new highways and roads, has improved accessibility and connectivity, making SUVs a practical choice for many Indian consumers. In conclusion, the SUVs market in India has seen remarkable growth due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for SUVs is expected to continue to rise as more customers seek the benefits and versatility offered by these vehicles.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

Visión general

  • Unit Sales
  • Analyst Opinion
  • Technical Specifications
  • Revenue
  • Price
  • Global Comparison
  • Methodology
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