67% car buyers in India are first-time owners: Report
The compact SUV segment is the highest-growing category, with 12 per cent growth over the last quarter.
ANI
Sep 19, 2024 17:37 IST
New Delhi [India], September 19 (ANI): A recent report on car buying trend has suggested that about 67 per cent of car buyers in India are first-time buyers.
The report by retail platform Spinny asserted that enthusiasm for car ownership is rising in India.
The report also suggested that about 30 per cent of buyers are women.
"...Data shows a strong rise in first-time car buyers, who make up 67 per cent of all customers, with 30 per cent of total buyers being women," the report said, providing insights into June'24-August'24 period.
The compact SUV segment is the highest-growing category, with 12 per cent growth over the last quarter.
The data revealed that 83 per cent of the car buyers preferred petrol cars. The diesel cars were chosen by only 12 per cent of the customers and 5 per cent of the buyers opted for compressed natural gas (CNG) models.
Red, white, and grey are the most preferred colours chosen by car buyers
The report also suggested that customers are increasingly showing faith in financing methods, with a 60 per cent increase in buyers opting for car finance.
According to the report, there has been a significant rise in hub deliveries, with 82 per cent of buyers opting to collect their cars from the hubs of the selling platform, as compared to 18 per cent who chose home deliveries. This represents a 7 per cent jump in hub deliveries from the previous quarter, as per the report.
Addressing the recent trends, Niraj Singh, Founder and CEO of Spinny, said, "It's interesting how our dynamic nation continues to evolve every quarter with its diverse tastes, keeping us excited and encouraging us to enhance our services."
Another interesting shift is the growing preference for manual transmissions, with 76 per cent of buyers opting for manual transmission cars, up from 70 per cent in the previous quarter, while automatic transmissions dropped to 24 per cent from 30 per cent.
The report stated that used luxury car market has experienced robust growth in urban regions, with an increasing number of young Indians favouring luxury cars. Delhi leads this trend, followed by Bengaluru and Mumbai. (ANI)
Get the App
