Spinny Witnesses a 20% Surge in First-Time SUV Buyers in Q1’24
Spinny sees a 20% surge in first-time SUV buyers in Q1 2024, up from 10% in 2023, with Tata Motors now among the top three preferred brands in India.
Key Market Trends: Growing Demand for SUVs and Hatchbacks
Spinny’s data analysis reveals several key trends in the automotive market:
- Surge in SUV Popularity: There has been a notable 20% increase in first-time SUV buyers. This segment’s popularity reflects a shift in consumer preferences towards more versatile and spacious vehicles.
- Tata’s Rise in Popularity: Tata has replaced Honda to become one of the top three preferred car brands, joining Maruti and Hyundai. This shift is attributed to Tata’s robust and stylish models like the Tata Nexon.
- Regional Demand: Significant demand has been noted in Bengaluru, Delhi-NCR, and Hyderabad, with these cities leading the way in used car purchases. Notably, 80% of buyers in these regions prefer petrol cars.
Popular Models and Features
Compact SUVs: Spinny’s customers have shown a strong preference for compact SUVs, with models such as the Ford EcoSport, Hyundai Creta, and Tata Nexon emerging as top picks. Popular colors include white, grey, and red.
Hatchbacks: There is also a significant shift towards hatchbacks, with the Renault Kwid, Hyundai Grand i10, and Tata Tiago leading the charts.
Luxury Cars: The pre-owned luxury car segment has seen growth, especially in Tier 2 and Tier 3 cities. Models like the BMW X1, Jeep Compass, and Mercedes C-Class are becoming increasingly popular.
Customer Preferences: Features and Specifications
- Transmission: Manual transmissions dominate the market, making up 70% of purchases. However, there has been a 10% increase in demand for automatic cars, reflecting a shift towards convenience.
- Safety and Comfort Features: There is a rising demand for airbags, sunroofs, and automatic transmissions in used cars, indicating that customers prioritize safety and comfort.
- Digital Transactions: A significant 60% of Spinny’s sales occur digitally, highlighting the convenience of online transactions. Additionally, 54% of customers opt for car financing through Spinny loans, up from 46% last year.
Women Car Buyers and Home Delivery
Spinny has seen a consistent increase in women car buyers, with 36% of women opting for Spinny cars, rising to 46% in March alone. This reflects a growing trend of women purchasing cars independently.
Moreover, 25% of Spinny buyers prefer the convenience of home delivery, and 50% of all sales come from dedicated Spinny Parks located in cities like Bengaluru, Kochi, Ahmedabad, and Pune.
Expert Insights
Niraj Singh, Founder & CEO of Spinny, commented on the growth: “Our commitment to delivering a simple and delightful car-buying and selling experience remains unwavering. The surge reflects a significant shift in consumer preferences towards versatile and spacious vehicles. We are meeting our customers’ evolving needs by providing a wide array of high-quality cars. Our dedication to transparency, convenience, and unparalleled customer service ensures a seamless and satisfying car-buying and selling experience for every individual.”
Our Take
The first quarter of 2024 has been a landmark period for Spinny, showcasing significant growth in the SUV segment and a notable shift in consumer preferences. With Tata emerging as a top brand and increasing demand for advanced features and digital transactions, Spinny is well-positioned to continue its upward trajectory. As more consumers seek versatile, safe, and technologically advanced vehicles, Spinny’s comprehensive offerings and commitment to customer satisfaction will likely drive further success.
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