The Indian passenger vehicle sector reached a significant milestone in 2024, achieving unprecedented sales of 4.3 million units. Prominent manufacturers, including Maruti Suzuki, Hyundai, Tata Motors, Toyota, and Kia, recorded their highest annual domestic sales to date, paving the way for a remarkable year ahead.

This remarkable increase in sales was fueled by the rising popularity of SUVs and robust demand from rural areas. The growth exceeded the prior record of 4.11 million units established in 2023, reflecting an increase of approximately 4.5 to 4.7 percent, as noted by Partho Banerjee, Senior Executive Officer of Marketing & Sales at Maruti Suzuki.

Maruti Suzuki leads the market

Maruti Suzuki has set a new record by achieving annual wholesales of 1,790,977 units, surpassing its previous record of 1,751,919 units established in 2018. Additionally, retail sales reached an unprecedented level of 1,788,405 units, marking an increase from the 1,726,661 units sold in 2023.

The company's success can be attributed to various initiatives, including the expansion of NEXA outlets into smaller cities and the introduction of limited-edition models. Furthermore, rural sales experienced a 16 percent increase in December 2024, supported by favorable monsoon conditions and minimum support prices (MSP).

Hyundai and Kia results

Hyundai Motor India announced its highest annual domestic sales to date, achieving 605,433 units in 2024, with SUVs accounting for an impressive 67.6% of the overall sales figures. Similarly, Kia India experienced a 6% increase in sales, reaching 255,038 units, which represents its most successful performance thus far.

Hardeep Singh Brar, Senior Vice-President of Kia, emphasized the company's commitment to prompt vehicle delivery and the establishment of robust foundations for future expansion.

Tata Motors and Toyota sales

Tata Motors has reached its fourth consecutive year of unprecedented sales, with a total delivery of 565,000 units. 

In a remarkable performance, Toyota Kirloskar Motor (TKM) experienced a significant 40 percent increase in sales, achieving sales of 326,329 units, up from 233,346 units in 2023.

Other key player's results

Mahindra & Mahindra reported an 18 percent rise in sales for December, totaling 41,424 units.

JSW MG Motor India experienced a remarkable 55 percent increase in December sales, with electric vehicles (EVs) and new energy vehicles (NEVs) constituting over 70 percent of their total sales.

Nissan Motor India achieved a 51 percent growth in December wholesales, reaching 11,676 units.

Audi India encountered a 26.6 percent decrease in sales for 2024, primarily due to supply chain issues, although there was an improvement in volumes during the latter half of the year.

The Indian passenger vehicle sector continues to expand, driven by the popularity of SUVs and advancements in sustainable technologies. As companies innovate and respond to market dynamics, this positive trend is anticipated to persist into 2025.

Read Also: Suzuki Records 22% Growth in December 2024, Selling 96,804 Units

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