Gross sales of huge utility autos comparable to SUVs and MPVs, which meet the federal government’s definition of ‘fashionable SUVs’, superior at a sooner clip of 27% in FY24 forward of a 25% development within the compact SUV phase, in keeping with evaluation of information compiled by the Society of Indian Vehicle Producers (Siam).
Whereas compact SUV fashions – outlined as per physique sort and floor clearance – are driving the surge within the total passenger automobile market on account of their bigger share in absolute phrases, larger UVs are quick catching up.
Clearly, the shift in direction of larger autos have benefitted Mahindra & Mahindra and Toyota Kirloskar probably the most. Led by the XUV700, Scorpio-N and different fashions, Mahindra’s market share within the massive UV phase (categorised as UV2 by Siam) rose to 45% in FY24 – the very best in 4 years – from 28% in FY21, serving to the agency surpass the pre-Covid peak of 44% in FY19.
Pushed by the Innova Crysta and Hycross fashions, Toyota too noticed a pointy ascent driving the UV3 phase – as per Siam’s classification – virtually single handedly, boosting the automaker’s gross sales by 77% YoY to 100,293 autos in FY24. Gross sales of huge UV fashions – priced above INR 20 lakh, measuring 4.4 meters and engine displacement of at the very least 1.5 litres – comparable to Mahindra XUV7OO, Tata Safari, Kia Carens, Toyota Innova Hycross climbed to 525,000 items in FY24 from 412,000 items in earlier 12 months, marking quickest tempo of development since FY21, in keeping with Siam information.
Compact UVs, making up bulk of UV gross sales together with these which do not conform to GST Council’s definition, with fashions comparable to Maruti Suzuki Brezza, Tata Nexon and Punch, Hyundai Venue and Exter, rose to greater than 1.25 million items from 1 milliion items in the identical interval.
The excessive double-digit development seen in massive SUV phase could taper off in coming years, stated Puneet Gupta, director S&P World Mobility, a gross sales forecast and market analysis agency.
