About 15 carmakers are preparing to launch over 50 new petrol and diesel models by June next year to retain market shares, boosting the count of conventional vehicles even as the government favours a shift towards electric vehicles.
According to the data from auto research firm JATO Dynamics India, the 50 new or updated models will be priced in the range of Rs 6 lakh to Rs 3 crore.
An estimated 97.68 percent of passenger vehicle sales were ICE (internal combustion engine)-driven in 2023, compared with 98.72 percent in 2022, JATO Dynamics India said.
“ICE models will remain a sizeable contributor in the medium term Therefore, carmakers will continue to launch petrol, diesel or hybrid models across various price points in the next few years in order to retain their market shares,” said Ravi Bhatia, president of JATO Dynamics India.
Notably, 65 percent of these upcoming ICE (internal combustion engine) models are sports or multi utility vehicles. (See table below)
Last year witnessed the introduction of nearly 40 new Interna Combustion Engine (ICE) cars, including models like the Maruti Suzuki Jimny, Fronx, and Invicto (a badge-engineered version of Toyota Innova Hycross), Tata Nexon (available in both ICE and EV options), Honda Elevate, Citroen C3 Aircross, Hyundai Verna and Exter, and facelifts for the Kia Seltos and Sonet, among others.
Passenger Vehicle (PV) market leader Maruti Suzuki, which has strengthened its presence in the SUV segment, is expanding its footprint in the hatchback and sedan segments with the Swift Hybrid and Dzire 2024. However, the company is yet to officially confirm the launch of these models.
Hyundai Motor India Limited, which already derives 65 percent of its total sales from SUVs, is aiming for a larger marketshare with the Tucson 2024, Alcazar 2024, and the all-new Santa Fe in February 2025, as per JATO Dynamics. An HMIL spokesperson refrained from commenting on future product launches.
M&M, having confirmed the launch of the 5-door Thar by mid-August, is considering the Bolero 2024 and XUV9OO. Similarly, Tata Motors is gearing up to launch Curvv (to be available in EV version as well) in August 2024 and the all-new Punch by June 2025, with the company confirming only the rollout of Curvv for this year.
Additionally, other ICE SUVs expected to hit the roads include the Kia Sportage, MG Gloster, and sub-four-metre SUVs from Nissan Motor India, Skoda Auto India, and Volkswagen India. In the luxury car segment, Mercedes-Benz India is anticipated to launch the GLC Coupe, CLE Coupe, V-Class, and GLB 2024, while BMW India is set to introduce the all-new 5 Series and M3. Audi may also consider the A3 2024 and Q8 2024 in the coming months.
While the official spokespeople of Audi did not respond to emails, a Mercedes-Benz India spokesperson stated that the company has planned 12 new models for CY 2024, of which three will be Battery Electric vehicles (BEVs)
BMW India spokesperson, when contacted, revealed that internal combustion engine vehicles form about 90 percent of sales in its current lineup.
"In the coming years, we see the overall demand for luxury cars going up in the Indian market and internal combustion engine vehicles will continue to be an important part of this success along with offerings like electric vehicles," the spokesperson noted.
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