Five-seater mini cars like Maruti Alto and Renault Kwid will close the year with just 3% share of the domestic passenger vehicle market, a far cry from the 14% share the segment enjoyed in FY19, according to data shared by the Society of Indian Automobile Manufacturers (SIAM).
The 55-60% jump in prices in the past 8-9 years is the primary reason behind the diminishing interest in such cars, said experts. A Maruti Suzuki Alto (800cc) was priced at ₹2.6 lakh in 2015 whereas the same brand (1000cc, as 800cc is discontinued) is available for a minimum of ₹4 lakh (ex-showroom).
Regulatory changes in areas like emission and safety, general inflation, a 70% increase in petrol prices in the past 9 years, demand for larger and more stylish vehicles with better connectivity options have been the reasons behind the jump in cost of cars.
This story is from the December 27, 2024 edition of Financial Express Kolkata.
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This story is from the December 27, 2024 edition of Financial Express Kolkata.
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