Lifecycle analysis and market growth trajectory of Indian SUVs: A comprehensive review

The Indian automobile industry, currently the world’s third largest, is witnessing a surge in the popularity of Sports Utility Vehicles (SUVs), particularly affordable models. This study investigates the growth trends and potential opportunities within this segment. Data from government sales charts, Original Equipment Manufacturer (OEM) production and forecasts, and climate policies are analyzed using statistical methods. The analysis reveals a remarkable 30% growth in SUV sales in recent years, with SUVs now accounting for one in five vehicles sold. This surge is driven by evolving customer preferences, government policies promoting sustainable mobility, and rising disposable income. To adapt to this shift, the industry is embracing platform sharing and commonality to accelerate the introduction of new SUV models. The literature review indicates a strong growth outlook for the Indian SUV market, which is projected to reach USD 381.79 million by 2028, with a CAGR of 10.40%. Key drivers of this growth include the rise in self-drive tourism, increasing disposable incomes, and a growing demand for premium off-road vehicles. The study emphasizes the need for continuous market analysis to understand evolving customer preferences and maintain momentum in this burgeoning segment.