India SUV Market: Horizon 2028 - Opportunities and Challenges Insights - TechSci Research

Introduction

The Indian SUV market has witnessed remarkable growth, making it an attractive landscape for investors, manufacturers, and consumers alike. In this comprehensive analysis, we delve into the various aspects of this burgeoning market, highlighting key trends, growth prospects, and the factors that drive its expansion. According to TechSci Research's report titled "India SUV Market - By Region, Competition Forecast & Opportunities, 2018-2028," the market's value reached USD 196.75 million in 2022, with a projected Compound Annual Growth Rate (CAGR) of 10.40% for the period 2023-2028, aiming to reach a valuation of USD 381.79 million by 2028. SUVs have risen in prominence, progressively capturing market share over hatchbacks, primarily due to their spaciousness, resilience in adverse weather conditions, and ample capacity. Furthermore, the incorporation of Advanced Driver Assistance Systems (ADAS) technology in upcoming SUVs is anticipated to fuel market growth in India during the forecast period.

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Segmentation of the Indian SUV Market

Types of SUVs

The Indian SUV market is segmented based on the type of SUV, seating capacity, fuel type, regional distribution, top 10 states, and the competitive landscape. Within the classification of SUVs, the market is further divided into three key segments: compact, mid-size, and large SUVs. Compact SUVs are expected to assert dominance, projected to capture approximately 63% of the total market share by 2028. The popularity of compact SUVs can be attributed to their cost-effectiveness, ease of parking, and maneuverability, factors that resonate with Indian consumers. Additionally, the rapid urbanization, elevation of living standards, and increased consumer spending capacity are further catalysts for growth within this segment. Conversely, the large SUV segment is anticipated to experience the swiftest expansion in the coming years due to their elevated seating positions, which offer improved visibility, along with enhanced safety owing to their size, durability, and ruggedness.

Fuel Types in the Market

The market is categorized based on the type of fuel used in SUVs. The choices include petrol, diesel, and electric powertrains. The electric segment is poised to experience the most rapid growth during the forecast period. This growth is primarily attributed to the increased fuel efficiency of hybrid and electric vehicles and the government's stringent regulations on greenhouse gas emissions. As a result, the Indian SUV market is being propelled by the shift towards more sustainable and eco-friendly options.

Seating Capacity

In terms of seating capacity, the market is segmented into 5-seater and 7-seater SUVs. In 2022, 5-seater SUVs held the majority market share and are projected to continue growing at a substantial CAGR of 7.97% throughout the forecast period. The appeal of 5-seater SUVs lies in their affordability, well-sorted dynamics, suitability for congested areas, and ease of parking. On the other hand, the 7-seater segment is also witnessing significant growth. This growth is primarily attributed to the comfort, convenience, spaciousness, and versatility that these vehicles offer.

Factors Driving Market Growth

The robust growth of the Indian SUV market can be attributed to several key factors:

1. Rapid Urbanization: India's urban centers are expanding, creating a heightened demand for SUVs to navigate city environments and accommodate urban lifestyles.
2. Improved Living Standards: As the standard of living in India rises, consumers are increasingly inclined to invest in larger and more comfortable vehicles, favoring SUVs.
3. Consumer Expenditure Capacity: The burgeoning middle class in India has greater disposable income, enabling them to opt for higher-value SUVs.
4. Safety and Resilience: SUVs' larger size, durability, and ruggedness make them more appealing to safety-conscious consumers, particularly in challenging driving conditions.
5. Government Regulations: Stringent governmental regulations on greenhouse gas emissions are promoting the adoption of fuel-efficient hybrid and electric SUVs.
6. Compact SUV Benefits: The cost-effectiveness, ease of parking, and maneuverability of compact SUVs align with the preferences of Indian consumers.
7. Advanced Technology: The integration of ADAS technology in upcoming SUV models is enhancing safety features and convenience, further stimulating market growth.

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Who Will Benefit from This Report?

1. Automobile Manufacturers: This report offers insights into market trends, enabling manufacturers to strategize and innovate based on consumer preferences.
2. Investors: Investors can use this report to make informed decisions regarding investments in the Indian SUV market.
3. Government Agencies: Regulators can leverage the information on fuel type preferences to inform environmental policies and regulations.
4. Consumers: Prospective SUV buyers can gain valuable insights into market trends and the benefits of different SUV types.
5. Market Analysts: Professionals in market research can use this report as a valuable resource for comprehensive industry analysis.
6. Suppliers and Distributors: Those involved in the supply chain can better understand market demands and tailor their services accordingly.
7. Academics and Researchers: Scholars and researchers can utilize this report for academic purposes, furthering their understanding of the Indian SUV market.

In conclusion, the Indian SUV market is poised for significant growth, offering ample opportunities for various stakeholders. This report provides a comprehensive understanding of the market dynamics, making it an invaluable resource for those looking to engage with or understand this burgeoning sector.

Major market players operating in India SUV market are:

• Hyundai Motors Company
• Tata Motors Ltd.
• Mahindra & Mahindra Limited
• Maruti Suzuki India Limited
• Toyota Motor Corporation
• SAIC Motor Corp., Ltd.
• Volkswagen AG
• Stellantis N.V.
• Ford Motor Company
• Honda Motor Co., Ltd.

“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 also 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 till 2028," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“India SUV Market By Type (Compact, Mid-Size and Large), By Fuel Type (Petrol, Diesel and Electric), By Seating Capacity (5-Seater and 7-Seater), By Region, By Top Ten States, Competition, Forecast and Opportunities, 2018- 2028F”, has evaluated 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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