Entering the festive season with cheer, a report predicts a surge in the demand for SUVs. Within this trend, brands like Maruti Suzuki, Mahindra & Mahindra, Hyundai, Honda, Kia, Tata, Toyota and MG are poised to make their mark. And, models like Creta, Brezza, Grand Vitara, Jimny, Urban Cruiser Hyryder and Thar continue to enjoy robust demand, emerging as top models in their respective categories. Young buyers in the age bracket of 25 to 35 years have shown interest in purchasing such new cars online.
As per a report by car buying platform CarLelo, a Capri Loans Venture, the SUV market is projected to grow from USD 885.8 billion in 2023 to USD 1,221.7 billion in 2027, at a CAGR of 6.6%. The growing demand for vehicles with increased comfort features would create potential demand for SUVs in the coming years.
In August 2023 itself, compact SUVs, Mid-Size SUVs and the newly popularized Sub-Compact SUVs ruled the sales chart. The Maruti Suzuki Brezza remained the best-selling SUV, followed closely by the Tata Punch, which replaced the Tata Nexon is the most popular Tata Motors car in India. Handful of cars from Hyundai and Mahindra kept these two automakers in the competition as well.
“Amidst the festive buzz, SUVs have taken the spotlight, becoming this season’s trend. But it’s not just about the cars; customers now desire feature-packed vehicles with advanced safety measures. This shift in preference has led to a remarkable change in how we approach new car buying. Purchasing cars online is now a new way of doing things, giving us more convenience, choices, and clear information through virtual experiences,” said Gaurav Aggarwal, Founder and CEO – CarLelo.
