for example if we select 2 wheeler as segment & there is a brand ford which only have 4 wheeler segment than that ford should not be visible in brands right?
I’m afraid no, that’s not possible to do unfortunately – currently only every item can be displayed. Hoever dynamically updating filters will be available in a later release, most likely during this year after a back-end update.
I have used categories for brands, tags for segments and custom fields for model and price
That sounds great, it’s how it should be.