Mad About Markets: Spotlight on India SUV market and the road ahead
CNBC-TV18 spoke to Shashank Srivastava, Executive Director of Maruti Suzuki; Tarun Garg, Director of Sales and Marketing at Hyundai Motor India; Gaurav Gupta the Chief Commercial Officer of MG Motor India; and Bertrand D'souza, Editor in chief of Overdrive India to discus India SUV drive and what is fuelling the growth.
Almost every other car on the road is an SUV and Indian carmakers are launching more and more of these models to cater to the rising demand.
The seemingly insatiable demand for sport utility vehicles in India and the opportunity that it presents for carmakers in India is what is on top of my mind on this special show 'Mad About Markets'.
According to Data Bridge, the global sports utility vehicle or SUV market was valued at $34.7 billion in 2021 and is expected to reach $105.25 billion by 2029, registering a CAGR of 14.88 percent between 2022 and 2029.
If you look at other large markets, more than every 5 out of 10 passenger vehicles in the US market are SUVs. In China and Europe, SUV account for 45-48 percent of the total passenger vehicle market and the Indian market is also mirroring the trend in global markets SUVs account for 38 percent of all passenger vehicles in India, and this growth has been phenomenal.
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To discuss the India SUV drive and what is fuelling the growth, CNBC-TV18 spoke to Shashank Srivastava, executive director of Maruti Suzuki; Tarun Garg, director of sales and marketing at Hyundai Motor India; Gaurav Gupta the chief commercial officer of MG Motor India and Bertrand D'souza, editor in chief of Overdrive India.
For the full interview, watch the accompanying video
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