New Delhi: SUVs, or sport utility vehicles, are one of the most popular and fastest-growing segments in the Indian automobile market. According to a report by TechSci Research, the India SUV market registered USD 196.75 million in 2022 and is estimated to reach USD 381.79 million in 2028, advancing with a CAGR of 10.40% during the forecast period.
The report also states that the Indian SUV market is segmented based on fuel type, seating capacity, type, region, and top 10 states. Based on fuel type, the market is segmented into petrol, diesel, and electric. Based on seating capacity, the market is segmented into 5-seater and 7-seater. Based on type, the market is segmented into compact, mid-size, and large.
Some of the factors driving the growth of the SUV market in India are the rising disposable income, changing consumer preferences, increasing road infrastructure, growing demand for spacious and comfortable vehicles, and the launch of new models by various manufacturers. Some of the leading players in the Indian SUV market are Maruti Suzuki, Hyundai, Mahindra, Tata Motors, Kia Motors, Toyota, MG Motor, Renault, Nissan, and Ford.
According to CarWale, some of the best-selling SUVs in India in July 2023 are Kia Seltos, Mahindra Thar, Hyundai Creta, Tata Nexon, and Maruti Suzuki FRONX². These SUVs offer a range of features such as stylish design, powerful performance, advanced technology, safety, and convenience. Some of the upcoming SUVs in India are Volkswagen Taigun, BMW X3 M40i, Volkswagen ID.4, Force Motors Five-door Gurkha and Ferrari Purosangue SUV.
The India SUV market is also witnessing a surge in electric SUVs as more consumers are becoming aware of the environmental benefits and cost savings of these vehicles. Some of the electric SUVs available in India are Tata Nexon EV, MG ZS EV, and Hyundai Kona Electric. Some of the electric SUVs expected to launch in India are Mahindra eXUV300, Tesla Model Y, and Audi e-tron.
The Indian SUV market is anticipated to grow at a staggering growth rate in the next decade as more people make the transition from an entry-level car to a compact SUV. The SUV segment offers a variety of options for different budgets and needs of consumers. The SUV market is also expected to benefit from the government policies such as the FAME II scheme, GST reduction, and scrappage policy that aim to promote electric mobility and reduce pollution.