Driven by strong demand for sports activities utility automobiles, passenger car sales in India soared to a record excessive in FY24 with dispatch of greater than 42 lakh units.
Overall car dispatches from maker to sellers rose to 42.3 lakh units in FY24, a rise of 9%, in contrast with 38.9 lakh units in FY23.
SUV’s share to general passenger car dispatches rose to 50.4% in FY24 towards 43% in FY23.
“This is the first time passenger vehicle sales have crossed the 40 lakh mark in India”, stated Maruti Suzuki India (MSI) Executive Committee Member Shashank Srivastava.
SUV section grew by 28% year-on-year; hatchbacks by 12%; sedans by 6%, whereas MPVs (Multi Purpose Vehicles) grew by 19% and vans by 6.5% in FY24, Mr. Srivastava stated.
But he stated the trade expects to see “single-digit” sales development in the present fiscal due to the excessive base impact of FY24.
MSI reported its highest-ever yearly home sales of 17,93,644 units and record exports of two,83,067 units in FY24.
While rival Hyundai Motor India (HMI) additionally recorded its best-ever general sales at 7,77,876 units for FY24, a development of 8%, over 7,20,565 units in FY23.
Soaring rural demand(*42*)
HMI COO Tarun Garg stated the trade development in rural market outpaced city with SUVs persevering with to be the fastest-growing section.
Toyota Kirloskar Motor (TKM) additionally reported its highest-ever wholesales of two,63,512 units in FY24, a rise of 48%, towards 1,77,683 units in FY23.
Mahindra & Mahindra reported a 28% improve in passenger car wholesales at 4,59,877 units in FY24 as towards 3,59,253 in FY23.
While, Tata Motors stated its passenger car wholesales stood at 5,73,495 units, up 6% from 5,41,087 units in FY23.
“In FY24, the company’s passenger vehicles (including electric vehicles), posted its third consecutive year of highest-ever sales with wholesales of 5,73,495 units and retail sales growing around 10% versus FY23,” Tata Motors Passenger Vehicles MD Shailesh Chandra stated.
He added, “Going forward, we expect demand for passenger cars to remain strong”, however echoed all different automakers expectation of “single digit” development in the present fiscal due to the excessive base impact of FY24.
Two-wheelers(*42*)
In the two-wheeler section, TVS Motor Company reported its highest-ever sales of 41.91 lakh units in FY24, a development of 14% in contrast with 36.82 lakh units in FY23.
Suzuki Motorcycle India additionally reported its highest-ever sales of 11,33,902 units in FY24, a development of 21% as towards 9,38,371 units in FY23.
Royal Enfield reported 14% y-o-y development in home sales final fiscal at 8,34,795 units as towards 7,34,840 units in FY23.
