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Sales Share of SUVs Has Increased By 50% In FY 2024:

Sales Share of SUVs Has Increased By 50% In FY 2024:

By: Geetanjali

With the sales of 4.23 million passenger vehicles in the year 2023-24 (FY 24) the passenger vehicles market has increased over 8% on a year-on-year (Y-o-Y) basis. Among this sales shares of the SUVs has crossed 50% in the passenger vehicles market in FY 24.

In the last few years demand for the SUVs has increased in both the rural and urban India, sales of SUV in the  rural India has increased to 11 percent a lot higher than the urban sales of 7%.

Shashank Srivastava, executive committee member of Maruti Suzuki India (MSIL) told to the reporters that this increase in the sales in the rural areas is due to “Rising income levels in rural areas, substantial government investments in public infrastructure like roads, and favourable monsoon were the driving forces behind the robust growth in rural sales”.

SUV sales have nearly doubled in the last four years, earlier where mini hatchbacks which used to be the primary choice of buyers in India, with every second car bought to be a hatchback has now dropped down to 28% market share. Sales of Sedans have also dropped by 6% in the FY24.

Segment wise market share of cars

Segment wise market share of cars

Cars FY20 FY21 FY22 FY23 FY24
SUV 26.3 32 40.1 43 50.4
Hatchback 46.5 45.6 37.5 34.4 27.7
Sedan 14.3 11.0 10.2 10.5 9.0

Source: Industry

Shashank Srivastava, executive committee member of (MSIL) said, SUVs market share has increased from 40.1% in FY22 to 43% in FY23, and now has expanded to 50.4% in FY24, its expected SUVs market share may increase to 54-55% by the end of FY25.

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