Utility cars drive ahead of hatchbacks, sedans in passenger vehicles segment | Business News,The Indian Express
As per data from the Society of Indian Automobile Manufacturers (SIAM), in January-October 2022, of the total 3,024,625 PVs sold, 1,492,826 (49.4%) were UVs, 1,419,176 (46.9%) were passenger cars, and 112,623 (3.7%) were vans.
When the passenger vehicle (PV) market bounced back with sales of 3,024,625 units during January-October 2022, a 22.8% increase over 2,462,940 vehicles sold in the same period in 2021, there was another story in the numbers. Utility vehicles (UVs) stole a march over hatchbacks and sedans, reversing the trend. In 2021, UVs formed 45.2% of total PV sales, while passenger cars (hatchbacks plus sedans) formed 50.8%. In 2022, the sales share of UVs rose to 49.4%, while that of passenger cars reduced to 46.9%.
As per data from the Society of Indian Automobile Manufacturers (SIAM), in January-October 2022, of the total 3,024,625 PVs sold, 1,492,826 (49.4%) were UVs, 1,419,176 (46.9%) were passenger cars, and 112,623 (3.7%) were vans.
In the same period in 2021, of the total 2,462,940 PVs sold, 1,113,997 (45.2%) were UVs, 1,250,316 (50.8%) were passenger cars, and 98,627 (4%) were vans.
Automotive analysts FE spoke with said this was bound to happen. “UVs include SUVs and MPVs, and SUVs such as Maruti Suzuki Brezza and Grand Vitara, Hyundai Creta, Tata Nexon and Punch are practically driving the Indian car market,” said an automotive analyst. “MPVs such as Maruti Suzuki Ertiga and Toyota Innova Crysta are also hugely popular. At Toyota dealerships, there are numerous enquiries for the upcoming Innova HyCross.”
“The market share of UVs has been steadily increasing over the last decade, owing to new launches at attractive price points, a GST differential that leads to increased sales of compact UVs (compact SUVs are taxed at a lower GST and cess than other UVs considering the lower cubic capacity of the vehicle), and changing consumer preferences,” said Saket Mehra, partner and auto sector leader at Grant Thornton Bharat. “As a result, recognising the huge potential in this segment, most passenger car OEMs are transitioning towards introducing new products or strengthening their SUV portfolio.”
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