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Entry-level cars are in demand at low prices There has been a sharp decline of 5 lakh among Indian customers. Over the past few years, consumers have preferred cars with advanced features and higher safety ratings, leading to significant changes in the market. In 2015, the cars below The market share of Rs 5 lakh was 33.6 percent, but by 2023 this figure will fall to 0.03 percent. Notably, India’s largest car selling company Maruti Suzuki’s affordable models are also witnessing a decline in sales, Live Hindustan reports.
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Huge increase in the price of entry level cars
Car prices in the suburbs during the last five years There has been a substantial increase of 65 percent in the 5 lakh category. In comparison, vehicles in the SUV segment, luxury cars and sedans have seen a comparatively lower price increase of 24 per cent. The decline in sales is evident in Maruti Suzuki’s affordable models like Auto and S-Presso.
In contrast, cars are priced in between 7 to 8 lakh, like Baleno, Brezza, Grand Vitara and Maruti Suzuki have seen higher sales.
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Why have sales declined?
Maruti Suzuki senior executive Shashank Srivastava said the decline in demand for affordable cars is not just due to the decline in income after the Covid pandemic. Instead, customers are now preferring cars with better connectivity features, better family safety ratings, entertainment options and stylish designs. This trend reflects the willingness among consumers to invest in vehicles equipped with larger infotainment screens, 360-degree cameras and sunroofs.
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The report said that despite the economic challenges posed by the pandemic, consumers are willing to spend on cars that offer a more immersive and modern driving experience.
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