Passenger vehicle ASP in India rose 50% in 5 years
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In the past five years, the average selling price (ASP) of passenger vehicles in India has surged by over 50%, from Rs. 7.65 lakh in 2018-19 to Rs. 11.5 lakh in 2023-24. This increase is due to factors like premiumization, stricter regulations, and the growing popularity of sports utility vehicles (SUVs). Shashank Srivastava, Senior Executive Officer of Marketing and Sales at Maruti Suzuki India, notes a trend toward premiumization as more customers choose top-end variants with extra features.