2024 marked a milestone for the Indian automobile industry, with a record 43 lakh car sales recorded in the country. Major automakers such as Maruti Suzuki, Hyundai, Tata Motors, Toyota, and Kia achieved their highest ever domestic sales.
SUV and rural market: main reasons for sales surge
- Previous sales record in 2023: 41.1 lakh units.
- Growth in 2024: 4.5% to 4.7%.
- Maruti Suzuki senior executive Partho Banerjee said this success is the result of positive strategies and market trends.
Performance of major automakers
Maruti Suzuki:
- Total sales in 2024: 17,90,977 units.
- Retail sales reached 17,88,405 units, surpassing the previous record of 2018 (17,51,919 units).
- Growth in rural markets: 16%.
- Reason for success:
- Expansion of NEXA outlets to smaller towns.
- Launch of limited variant models.
Hyundai Motor India:
- Domestic Sales: 6,05,433 units (highest ever).
- SUV contribution: 67.6% of total sales.
Kia India:
- Total Sales: 2,55,038 units.
- Increase: 6%.
Tata Motors:
- Record for the fourth consecutive year: Sales of 5.65 lakh units.
Toyota Kirloskar Motor (TKM):
- Total sales: 3,26,329 units.
- Increase: 40%.
- Sales in 2023: 2,33,346 units.
Performance of other major companies
Mahindra & Mahindra:
- Growth in December: 18%.
- Total sales: 41,424 units.
JSW MG Motor India:
- Increase in December: 55%.
- 70% of sales: from electric vehicles (EVs) and new energy vehicles (NEVs).
Nissan Motor India:
- Increase in December: 51%.
- Total sales: 11,676 units.
Audi India:
- Decline in 2024: 26.6% (due to supply chain challenges).
- Improvement was recorded in the second half of the year.
The future of SUVs and EVs: sustainability and progress
- SUV Segment:
- Fastest growing segment in the Indian market.
- Electric Vehicle (EV):
- EV and sustainable technologies are shaping the future of the market.
- Companies are improving their offerings with innovative features and upgrades.
