CarLelo, a Capri Loans Venture says that it is seeing a surge in demand for SUVs as the country enters the festive season.
Within this trend, brands like Maruti Suzuki, Mahindra & Mahindra, Hyundai Motor India, Honda Cars India, Kia India, Tata Motors, Toyota Kirloskar Motor and MG Motor India are poised to make their mark. In terms of models Hyundai Creta, Maruti Suzuki Brezza, Maruti Grand Vitara, Maruti Jimny, Toyota Urban Cruiser Hyryder and Mahindra Thar continue to enjoy robust demand, emerging as top models in their respective categories.
It finds that young buyers in the age bracket of 25 to 35 years have shown interest in purchasing such new cars online. The company says the SUV market is projected to grow from $885.8 billion in 2023 to $1,221.7 billion in 2027, at a CAGR of 6.6%. The growing demand for vehicles with increased comfort features would create potential demand for SUVs in the coming years.
Gaurav Aggarwal, Founder & CEO, CarLelo said, “Amidst the festive buzz, SUVs have taken the spotlight, becoming this season’s trend. But it’s not just about the cars; customers now desire feature-packed vehicles with advanced safety measures. This shift in preference has led to a remarkable change in how we approach new car buying. Purchasing cars online is now a new way of doing things, giving us more convenience, choices, and clear information through virtual experiences. This change is happening because people’s preferences are evolving, and technology is also making a big impact on the new car industry.”
