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The SUV segment of the passenger vehicle market has emerged as a top priority for car enthusiasts in the preowned car market in 2024, with sales witnessing a notable surge of over 40% in the first quarter, as per a report by Cars24.
This substantial increase in SUV sales highlights the growing demand for larger and more luxurious vehicles across India. Particularly notable is the surge in SUV sales in non-metro markets, signaling a shift in consumer preferences towards larger and bigger vehicles. In non-metro cities, SUVs have emerged as the preferred choice among car enthusiasts, experiencing a significant 40% surge in sales. This trend reflects an increasing preference for larger, premium vehicles in Tier II and Tier III cities. Furthermore, a survey conducted alongside the report also revealed that many individuals expressed their intention to opt for a used car again, emphasizing the attractiveness of the preowned car market. Additionally, the first quarter also witnessed a noteworthy 30% increase in automatic car sales in non-metro markets, indicating a shift in consumer preferences towards vehicles offering enhanced convenience and integrated luxury features. The rise in SUV sales highlights the evolving trend in India's car market, with consumers increasingly gravitating towards vehicles that offer both comfort and style, along with higher ground clearance and heavy vehicle build. India's automobile market is growing and it is currently the third-largest automobile market in the world after China and USA. (ANI)
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