The Indian passenger vehicle market registered record wholesales of 43 lakh units in 2024, with companies like market leader Maruti Suzuki, Hyundai, Tata Motors, Toyota Kirloskar Motor, and Kia posting their best-ever annual domestic sales.
The continued growth of SUVs, along with rural markets playing a key role in driving up car sales, helped the industry surpass the previous best of nearly 41.1 lakh units posted in 2023. "Last calendar year, it was close to 41,09,000 lakh units, while 2024 is around 43 lakh units. So, it is the growth of around 4.5 per cent to 4.7 per cent," Maruti Suzuki India Ltd (MSIL) Senior Executive Officer, Marketing & Sales, Partho Banerjee told PTI when asked about overall passenger vehicle wholesales in 2024.
Maruti Suzuki itself posted its highest-ever wholesale and retail sales in 2024, he added. "We have broken the record of highest-ever annual wholesales after six years, with 17,90,977 units in 2024, bettering the previous best of 17,51,919 units registered in 2018," Banerjee said. In retail, the company posted record sales of 17,88,405 units in 2024, breaking the previous record of 17,26,661 units sold in 2023.
Banerjee attributed this success to various initiatives by the company, including expanding the footprint of its premium retail outlet NEXA in smaller cities, towns, and rural areas, as well as introducing innovative concepts like limited editions. "Our rural sales have done pretty well. In the month of December, rural (sales) has grown by the tune of 16 per cent. Also, in quarter three, rural growth has been pretty good, thanks to the good monsoon and good MSP prices. These have really helped in terms of growth in the rural market," he noted.
In December 2024, MSIL’s total domestic passenger vehicle sales stood at 1,30,117 units compared to 1,04,778 units in the same month a year ago, up 24.18 per cent.
Rival Hyundai Motor India Ltd also recorded its highest-ever yearly domestic sales of 6,05,433 units in 2024, up marginally from 6,02,111 units in 2023. It achieved the highest-ever yearly domestic SUV contribution of 67.6 per cent, the company said in a statement. However, Hyundai’s December domestic sales were 42,208 units compared to 42,750 units in December 2023, down 1.3 per cent.
"The PV industry posted moderate growth in CY24 and is expected to touch a sales volume of 4.3 million units, with strong growth in the SUV segment and sustained traction for emission-friendly powertrains," Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said.
For Tata Motors, 2024 was the fourth consecutive year of highest-ever annual sales with 5.65 lakh units sold, he said, adding that the company remained "optimistic about the outlook of the PV industry." In December 2024, Tata Motors posted a 1 per cent growth in total PV sales at 44,289 units compared to 43,675 units in the year-ago month.
Toyota Kirloskar Motor (TKM) also recorded its best-ever calendar year sales of 3,26,329 units in 2024, higher by 40 per cent against 2,33,346 units sold in 2023. TKM Vice President, Sales-Service-Used Car Business, Sabari Manohar, said the SUV and MPV segments were key contributors to the growth. "We are also observing a growing shift of consumer preferences towards vehicles offering sustainability, dependability, enhanced safety, and better resale value, which is boosting our sales," he added.
Similarly, Kia India reported a 6 per cent rise in total sales at 2,55,038 units in 2024, recording its highest-ever annual sales. It sold 2,40,919 units in 2023. Kia India Senior Vice-President and Head of Sales and Marketing Hardeep Singh Brar said, "2024 has been a defining one for Kia India. Our focus on ensuring the timely delivery of our vehicles has not only allowed customers to enjoy their favourite Kia models but also strengthened our foundation for future growth."
Mahindra & Mahindra reported passenger vehicle sales of 41,424 units in December 2024 against 35,174 units in the year-ago period, up 18 per cent. "The year ended on a high, as we became the only Indian auto company to attain the Dow Jones Sustainability Index (DJSI) world leader status within the auto sector," M&M Ltd President, Automotive Division, Veejay Nakra said.
JSW MG Motor India reported a 55 per cent increase in sales at 7,516 units in December 2024. The company recorded its highest-ever EV sales in December, and NEV (new energy vehicle) sales accounted for over 70 per cent of the total sales, with its crossover utility vehicle Windsor alone clocking 3,785 units.
Nissan Motor India reported a 51.42 per cent jump in total wholesales at 11,676 units in December 2024 compared to 7,711 units in December 2023. Its domestic sales stood at 2,118 units last month against 2,150 units in the year-ago period.
In the luxury segment, German carmaker Audi reported a 26.6 per cent year-on-year decline in retail sales at 5,816 units in 2024, impacted by supply chain issues. The company had recorded retail sales of 7,931 units in 2023. "The first half of 2024 brought supply-related challenges for Audi India, yet the continued demand for our products reflects the enduring trust our customers place in the brand. With improved supplies in the second half of 2024, our volumes improved by 36 per cent in quarter four compared to quarter three of 2024," Audi India Head Balbir Singh Dhillon said.
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