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About half a dozen brand-new sport utility vehicles (SUVs) are expected to be released in India within the next two years amid a rise in demand for vehicles with high seating, spacious interiors, and high ground clearance, according to an Economic Times (ET) report.
According to industry projections, SUV market share is anticipated to rise from its current 43 per cent by the end of 2024-2025 to 48 per cent as small cars and sedans lose ground to them.
While most automakers are expected to have busy schedules with their SUV offerings, Maruti Suzuki India, the market leader in cars, is likely to set the trend as it plans to have a lineup of five SUVs. In addition to its rebadged Toyota Innova Hycross model, which will be on sale in a few months, Maruti will introduce a four-metre-plus SUV in 2025. The vehicle, code-named Y17, will compete with the Mahindra XUV 700 and be the first to be produced at the company's new plant in Kharkhoda, Haryana, with an anticipated annual volume of about 130 million units, according to persons familiar with the company's plans.
Maruti aims to be the market leader in the SUV segment by the end of this fiscal year by addressing the diverse SUV market in a manner similar to how it did in the small-car industry.
Suzuki Motor India expects to sell 475,000 SUVs in FY24, the company said in its call with investors following the March 2023 results. This would require it to double its SUV volume from the last fiscal year. It is aiming for a 25 per cent market share in the SUV segment, increasing its passenger car market share to 45 per cent, said company executives at a supplier partner meeting on May 1.
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Maruti had a 41 per cent market share in India's passenger vehicle market by the end of fiscal 2023.
Other automakers are also expanding their SUV portfolios. Hyundai Motor India will debut the Exter micro-SUV in the coming months, with an initial annual sales target of 40,000-45,000 units.
Similarly, Honda Motor Co intends to resume production of its first mid-size SUV after a brief interruption. To be called Elevate, the model will have its world premiere in India next month, Honda said in a statement on Wednesday. The Creta competitor would target both local and global audiences.
Tata Motors, which had a consistent rise in SUV sales across the board, plans to introduce the Curvv, an SUV coupe, in 2024. Additionally, in 2025, it will introduce the Tata Sierra.
Other international automakers are also attempting to join the SUV trend.
Renault hopes to launch the new-generation Duster in 2025, while Nissan Motor India expects to launch the new-generation X-Trail later this year.
French carmaker Citroen is slated to deliver the C5 Aircross SUV, while Skoda will bring in a compact SUV as part of the India 2.5 project in 2025. Analysts believe that when automakers in India and throughout the world shift their portfolios to electric vehicles, SUVs will gain further momentum.
