The growing preference for SUVs/UVs has been one of the most noticeable trends of the passenger vehicle market in India over the past few years. This has come at the expense of other body styles. While the overall passenger vehicle market grows, segments other than SUVs/UVs decline.
SUVs attain highest market share
| Passenger vehicles | Aug ’23 | Aug ’22 | Change (in units) | Change (in %) | Market share Aug’ 23 (in %) | Market share Aug’ 22 (in %) |
| Passenger cars | 120,031 | 133,477 | -13,446 | -10% | 38.26% | 47.47% |
| SUVs | 181,825 | 135,497 | 46,328 | 34% | 58% | 48.13% |
| Vans | 11,859 | 12,236 | -377 | -3% | 3.78% | 4.35% |
| Total PVs* | 313,715 | 2,81,210 | 32,505 | 11.55% | 100% | 100% |
In August 2023, the Indian domestic market recorded a cumulative sales of 1,81,825 units in the SUV and UV space, as compared to 1,35,497 units sold during the same period last year. This resulted in a YoY growth of 34%. Moreover market share for SUVs/UVs in August stood at an impressive 58% instead of 48% recorded in August last year.
Passenger cars, vans market share decline
On the other hand, sales of passenger cars have declined from 133,477 units in August last year to 1,20,031 units in August this year. As a result, market share for passenger cars including hatchbacks and sedans dropped down significantly from 47% to 38% during the corresponding period.
As of now, the India PV market has only 1 van in the form of Maruti Eeco, which registered a monthly volume of 11,859 units in August this year. This led to a YoY decline of 3% and a decline in market share from 4.35% to 3.75%.
