SUVs and EVs Lead the Indian Automobile Market
Hyderabad: The last year has proved good for the SUVs (Sport Utility vehicles) and EVs (Electric Vehicle) Lead the Indian Automobile Market industry. Despite a few supply chain challenges, the ongoing Ukraine war the industry forged ahead.
In the passenger car segment, there was a slew of new models satisfying the varying needs of the customers. As a result, vehicle manufacturers have set an all-time record for the annual sale of SUVs. While there was a significant rolldown in the number of hatchbacks sold, consumers preferred SUVs.
Among the SUVs, the compact SUV share grew to 54% and Mid-SUVs contributed 44-45% according to the report.
Under the EV segment, there was increased demand for EV two-wheelers, three-wheelers, and Buses. By the end of 2022, over 80,000 EV two-wheeler were sold by the manufacturers. However future depends on the availability of spares and key components with the Ukrainian conflict and a spur in Covid in China.
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