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SUV sales grew by 11% YoY for April- July 2024; New Auto
Industry News- Sep 02,24
Hatchbacks, despite consistently accounting for 22% of annual traffic, have seen a decline in sales, indicating that while they remain popular in consumer searches, the conversion to actual sales is less efficient compared to the SUV segment.
As the SUV craze continues in India, CarDekho Group's subsidary- New Auto, has released a report that reveals emerging consumer trends in the segment. The report showcases the popularity of SUVs through sales data corresponding to the related search traffic patterns, and lead generation dynamics over the past year (July’23 – July’24).
SUV sales grew by 11% year-on-year for the period April- July 2024, making it the only body type to achieve such positive growth. This surge in sales is reflected in CarDekho’s traffic data, where SUVs consistently account for the majority of automotive searches, particularly during the launch of new models or facelifts. This correlation underscores the deep connection between consumer interest and market performance. As per the report, SUVs have maintained their dominant position throughout FY25, with the traffic share for this segment rising to an impressive 64% by July 2024. This growth in traffic has directly translated into higher lead generation, reinforcing the SUV segment’s market dominance and appeal among consumers.
While SUVs continue to dominate, the report also provides a comparative analysis with other segments. Hatchbacks, despite consistently accounting for 22% of annual traffic, have seen a decline in sales, indicating that while they remain popular in consumer searches, the conversion to actual sales is less efficient compared to the SUV segment.
“The automotive industry is experiencing a remarkable transformation, with SUVs continuing to dominate the market. This trend is fueled by a strong consumer preference for the SUV form factor, which OEMs have made more accessible through innovations like the monocoque chassis, commonly found in hatchbacks and sedans. Even compact SUVs are increasingly equipped with premium features and enhanced suspension dynamics, making them more appealing. As the price difference between hatchbacks and compact SUVs continues to shrink, the sustained growth of SUVs is expected." Mayank Jain, CEO, New Auto (CarDekho Group).
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