Surging SUV sales in India eat into passenger car market
Over a seven-year period, the share of passenger cars in the passenger vehicle market has fallen by 10 percent while that of UVs has risen by 12.5 percent and given the continuing demand, it’s a trend that’s set to continue.
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The Maruti Vitara Brezza and the Hyundai Creta have led the SUV charge in the Indian market.
Everything’s official about it now. The Indian passenger vehicle (PV) industry has finally surpassed the three-million-unit sales mark, for the first time ever. In FY2016-17, as per the vehicle sales data released by apex industry body, the Society of Indian Automobile Manufacturers, the PV industry notched sales of 3,046,727 units, recording year-on-year (YoY) growth of 9.23 percent and its best performance since the past six years.
While the fiscal was motoring along at a good pace till the first six months, the second half saw a sales speedbreaker in the form of the demonetisation exercise, which hit the auto ...
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