SUVs to Constitute 62% of Total PV Sales by FY25: CRISIL

According to CRISIL, Sports Utility Vehicles (SUVs) are poised to dominate the passenger vehicle (PV) market, with an estimated market share of 62% by the fiscal year 2025. The projection reflects the growing consumer preference for SUVs and the continuous evolution of the Indian automotive landscape. The expected surge in SUV sales aligns with changing consumer preferences, where the demand for SUVs has witnessed a steady rise in recent years. Factors contributing to this trend include a perceived sense of safety, spacious interiors, and versatile usage, making SUVs increasingly popular among Indian car buyers. CRISIL's forecast underscores the shift in the automotive market dynamics, with SUVs gaining prominence over other segments of passenger vehicles. Automakers are likely to respond to this trend by introducing new SUV models and expanding their SUV product portfolios to meet the growing demand. The predicted 62% market share for SUVs by FY25 signifies a significant transformation in the Indian automotive industry, emphasising the need for automakers to align their strategies with changing consumer preferences. As SUVs continue to capture a larger share of the PV market, the industry can anticipate shifts in manufacturing, marketing, and sales strategies to cater to the evolving demands of Indian car buyers.