SUV Market To Grow At 6.6% CAGR From 2023 To 2027: CarLelo
An online new car-buying platform, CarLelo has observed a surge in the demand for SUVs. Within this trend, brands like Maruti Suzuki, Mahindra & Mahindra, Hyundai, Honda, Kia, Tata, Toyota and MG are poised to make their mark. And, models like Creta, Brezza, Grand Vitara, Jimny, Urban Cruiser Hyryder and Thar are witnessing major demand.
Mostly young buyers in the age bracket of 25 to 35 years have shown interest in purchasing such new cars online.
With every step of the new car buying process streamlined, customers can now research, compare, and make purchase decisions from the comfort of their homes. In line to these strategies and due to the change in customer behaviour, the company has seen a significant increase in digital enquiries and sales.
The SUV market is projected to grow from USD 885.8 billion in 2023 to USD 1,221.7 billion in 2027, at a CAGR of 6.6 per cent. The growing demand for vehicles with increased comfort features would create potential demand for SUVs in the coming years.
“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.” said Gaurav Aggarwal, Founder and CEO of CarLelo.
