India SUV Market to Grow at a CAGR of 10.61% through 2029
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, 2024-2029.
According to TechSci Research report, “India SUV Market
–Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type
(Compact, Mid-size, Large), By Seating Capacity (5-seater and 7-seater), By
Propulsion Type (Petrol, Diesel, and Electric), By Region, By Competition,
2019-20289F”, the India SUV market stood at USD 16.06 billion in 2023 and is
expected to register a CAGR of 10.61% over the forecast period, 2024-2029, to
reach USD 30.22 billion by 2029. 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 XX market data Figures spread through XX Pages and an
in-depth TOC on "India SUV Market"
The Indian SUV market is
segmented by propulsion type into petrol, diesel, and electric vehicles, each
serving different consumer needs. Petrol SUVs have gained traction due to their
lower initial costs and smoother performance, making them ideal for urban
driving where agility is crucial. Their popularity is bolstered by improved
fuel efficiency and the introduction of turbocharged engines, appealing to
families and individuals seeking versatile options for daily commutes and
occasional travel.
Diesel SUVs maintain a
strong presence, particularly among consumers prioritizing power and fuel
efficiency for long-distance travel. Known for their higher torque and robust
performance, these vehicles are favored in semi-urban and rural areas where diverse
terrains are common. As environmental regulations become more stringent,
manufacturers are investing in cleaner diesel technologies to meet evolving
standards while retaining the reliability that consumers expect.
Electric SUVs are gaining
momentum, driven by rising environmental awareness and government incentives
that promote sustainable transportation. These vehicles offer lower running
costs and reduced emissions, appealing to eco-conscious buyers. The southern
region of India stands out as the fastest-growing market for SUVs, fueled by
urbanization, increasing disposable incomes, and changing lifestyle
preferences. As the demand for spacious and versatile vehicles rises in urban
centers like Bengaluru and Hyderabad, the diverse propulsion options in the SUV
market continue to evolve, aligning with consumer values and preferences.
Major market players
operating in India SUV market are:
- Tata Motors Limited
- Mahindra & Mahindra Limited
- Maruti Suzuki India Limited
- Hyundai Motor India Limited
- Kia India Private Limited
- Toyota Kirloskar Motor Private Limited
- Volkswagen India Private Limited
- MG Motor India Private Limited
- Mercedes-Benz India Private Limited
- BMW India Private 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 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 during the forecast period," said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based global management consulting
firm.
The report titled “India SUV Market By Type (Compact, Mid-size, Large),
By Seating Capacity (5-seater and 7-seater), By Propulsion Type (Petrol,
Diesel, and Electric), By Region, By Competition, 2019- 2029F”, evaluates 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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