India’s automotive market saw significant growth in 2024, reaching 4.3 million units sold, driven by strong demand for SUVs, which now account for more than 50% of the market.
The recovery was evident in both urban and rural areas, marking a significant leap forward after recent years of economic slowdown.
Maruti Suzuki Leads the Market
Maruti Suzuki stood out as the sales leader, with a 30% increase in December, achieving 130,117 units sold. The brand’s utility vehicles showed impressive growth of 45%, reinforcing consumer preference for SUVs and crossovers.
Tata Motors and Mahindra & Mahindra on the Rise
Tata Motors also reported growth, with 562,468 units sold throughout the year. The standout performer was the Tata Punch, which became the brand’s best-selling model. Meanwhile, Mahindra & Mahindra hit a record with over 528,460 SUVs sold, a 22% increase compared to the previous year.
Decline in Sedans and Stability in EV Sales
While SUVs dominated the market, sedan sales continued to decline, reflecting a shift in Indian consumer preferences. Electric vehicle (EV) sales remained stable, but Tata Motors’ share in this segment dropped from 73% to 62%, indicating growing competition in the EV sector.
Growth in CNG Vehicle Sales
A highlight of the year was the significant increase in sales of compressed natural gas (CNG) vehicles, reflecting a consumer trend toward more economical and environmentally friendly options. This shift was also driven by rising conventional fuel costs.
Hyundai and Toyota Report Record Sales
In addition to leading brands, companies like Hyundai and Toyota also reported record sales, contributing to the overall market growth. The strong performance of these brands underscores the resilience of India’s automotive sector.
A Look to the Future
The year 2024 established India’s automotive market as one of the most dynamic in the world, fueled by strong SUV demand and increasing acceptance of more economical and sustainable vehicles. The industry is now gearing up to explore new opportunities, particularly in the electric and hybrid vehicle segments, while continuing to cater to a diverse and evolving consumer base.
Source: siam, timesofindia. This content was created with the assistance of AI and reviewed by the editorial team.