Maruti Suzuki Alto recorded a 20% growth in Tier 1 while Honda City & Hyundai Creta saw a growth of 10% in Tier 2 markets.
India, 28th November 2024 — OLX India, a leading online classifieds platform has recorded a notable surge in demand for pre-owned cars in the festive month compared to the previous two months (August and September 2024), driven by the seasonal surge in consumer interest.
According to OLX India data, the festive season witnessed a 20% increase in demand for the Maruti Suzuki Alto 800 in Tier 1 markets compared to the previous two months (August and September 2024), reflecting consumers’ growing preference for budget-friendly cars. SUVs also performed strongly, with Hyundai Creta seeing a 10% growth in demand in Tier 2, showcasing a consumer move towards compact SUVs along with Honda City which witnessed a 10% growth in the sedan segment.
The 20% surge in demand for the Maruti Suzuki Alto 800 in Tier 1 markets during the festive season reflects consumers’ preference for budget-friendly options, driven by the need to manage maintenance costs and adapt to an uncertain economic scenario, leading many buyers to prioritize affordability over luxury.
SUVs, once highly sought-after, have seen a tapering in demand, with a noticeable shift toward practical and affordable utility models. In Tier 2 markets, compact SUVs like the Hyundai Creta saw a 10% increase in demand, reflecting a preference for cost-efficient options in the SUV segment. Models with premium appeal also gained traction in Tier 2 markets, with the Honda City leading as practical and affordable choice and the Maruti Suzuki Ertiga recording a 7% rise in demand, solidifying its status as a versatile family favorite.
Other models of leading brands such as the Maruti Suzuki Ertiga, Swift Dzire, and Wagon R across markets also saw steady growth during this period (August – October 2024)
|
Model |
Demand Growth (%) |
|
Maruti Suzuki Alto 800 |
20% (Tier 1) |
|
Maruti Suzuki Swift Dzire |
5% (Tier 1) |
|
Maruti Suzuki Wagon R |
4% (Tier 1) |
|
Hyundai Creta |
10% (Tier 2) |
|
Maruti Suzuki Ertiga |
7% (Tier 2) |
“We’re seeing demand across both budget-friendly models and SUVs this festive season, reflecting consumers preference towards affordability and practicality,” said Siddharth Agrawal, Chief Business Officer – Autos, OLX India. SUVs like Creta and Ertiga are particularly resonating with buyers seeking a perfect blend of space and value, while economical choices like the Alto 800 continue to lead among budget-conscious consumers. This festive uptick highlights a broader trend where consumers are choosing reliable and compact vehicles that meet both everyday and aspirational needs.”
Tier 3 markets reflected similar trends, with the Ertiga leading at 4% while the Hyundai Creta posted a steady 2% increase, highlighting consistent demand for SUVs even in smaller cities.
As October’s data shows, OLX India continues to be a top destination for budget-conscious and SUV-focused buyers, helping customers navigate the pre-owned market with options that meet both their budget and practical needs.
