The SUV story is going strong in India and with 765,803 units sold in April-October 2021, the segment notched 69% YoY growth.
Maruti Suzuki India, the utility vehicle market leader in FY2021 with 229,101 units and 21.60% UV market share, has maintained its lead in the April-October 2021 period. With sales of 162,160 units, which marks 58% year-on-year growth, it currently has a 21.18% market share in the segment and is ahead of Hyundai Motor India.
Hyundai, the No. 2 UV player, has sold 141,238 units for an 18.44% market share. This performance is a smart 44% YoY growth.
The big news though is that of a resurgent Mahindra & Mahindra (M&M), which has raced ahead of Kia India to take No. 3 position. With sales of 112,050 units, M&M has registered 62% YoY growth and currently has 14.63% market share.
Kia, the No. 3 player in FY2021, with sales of 104,714 units, recorded 54% YoY growth in the first seven months of FY2022 and has a 13.67% market share. The Hyundai-Kia combine together has 32.11% of the UV market.
With five months of FY2022 left and a fair number of new SUVs like the Skoda Kushaq, VW Taigun and Mahindra XUV700 having being recently launched, the outlook looks good for the segment. If the ongoing semiconductor supply crisis is resolved, growth can accelerate.
Having an SUV or two in your PV arsenal is a must if an OEM has to succeed in India and that’s just what is happening. Demand for sub-four-metre compact SUVs seems insatiable, fuel prices have been finally reduced following the excise duty cut on November 4 and consumer sentiment is picking up.
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