Indians bought over 42 lakh cars, SUVs in FY2024

The Indian passenger vehicle segment sold 4.21 million units in FY2024, which is an 8.22 percent increase over FY2023 (3.89 million units). UVs, which comprise of SUVs and MPVs, continue to be the highest contributor this year too. SUVs accounted for 51 percent of the overall PV wholesales in FY23, which is set to increase this year.

1. Maruti’s UV sales helped buffer hatchback sales decline
2. Tata recorded its best-ever EV sales of 73,833 units
3. Toyota’s sales numbers are its best ever at 2.44 lakh units

Let’s take a closer look at the top players’ performance:

Maruti Suzuki: 17,59,881 units, up 10 percent YoY

Maruti Suzuki has reported its best-ever fiscal year despatches of 17,59,881 or 1.75 million units, up 10 percent on the 1.60 million units it sold in FY2023. The company’s SUV and MPV range, comprising the Brezza, Grand Vitara, Fronx, Jimny, XL6, Ertiga and the Invicto has helped buffer the decline in the sales of hatchbacks and sedans.

Nexa models have sold 5,61,000 units, up 52 percent (FY2023: 3,69,000 units and account for 87 percent of Maruti Suzuki’s total UV sales of 6,42,296 units in FY2024. For the past year or so, the Alto and S-Presso together have seen a 39 percent sales decline, while its other Arena cars have seen a 4 percent YoY decline. The company’s total UV sales of 6,42,296 units in FY2024 is a handsome 75 percent increase – an additional 2,76,167 units YoY – over FY2023’s 3,66,129 units.

Hyundai: 6,14,721 units, up 8.31 percent YoY

Hyundai Motor India has recorded its best-ever domestic sales of 6,14,721 units in FY2024, an increase of 8.31 percent over FY2023’s 5,67,546 units. Demand for the company’s UV range is powered by the Creta midsize SUV and the recently launched Exter compact SUV. Like the other leading PV makers in India, SUVs are the key growth drivers for Hyundai.

According to the company, the Creta, Exter, Ioniq 5 SUVs and the Aura sedan registered their highest ever annual numbers. As per industry data for the April 2023-February 2024 period, Hyundai’s bestselling SUVs were the Creta (1,46,315 units), Venue (1,19,281 units), Exter (62,826 units in eight months since launch) and the Alcazar (19,333 units). This performance has meant that the Creta, Venue and Exter were ranked fourth, seventh and 15th, respectively, in the Top 20 UVs chart for the first 11 months of FY2024.

A look at the company’s performance over the past 12 months reveals that Hyundai surpassed the 50,000-unit sales mark for eight months, and averaged monthly sales of 51,226 units compared to 47,295 units in FY2023. Hyundai also opened CY2024 with its best-ever monthly sales of 57,115 units, which could be put down to the launch of the new Creta.

Tata Motors: 5,70,955 units, up 6 percent YoY

Tata Motors, which surpassed sales of half-a-million passenger vehicles for the first time in FY2023, has bettered that with its FY2024 performance. The manufacturer has reported total despatches of 5,70,955 units in FY2024, improving upon its year-ago sales by six percent (FY2023: 5,38,640 units).

March 2024’s 50,110 units made it the third month in a row that the company clocked sales of over 50,000 units. This demand, according to the company, is led by new CNG and EV launches, along with continued demand for the new Nexon, Harrier and Safari SUVs.

A key factor that acts as a catalyst to Tata Motors’ accelerated growth is its first-mover advantage in India’s EV market: it recorded its best-ever EV sales of 73,833 units, which is 13 percent of its total sales. The company’s EV portfolio comprises the Nexon EV, Tigor EV and Xpres-T (for fleet buyers), Tiago EV and the recently launched Punch EV. There is growing demand for Tata’s CNG cars too.

Mahindra & Mahindra: 4,59,877 units, up 28 percent YoY

Mahindra & Mahindra has wrapped up FY2024 with its best-ever sales: 4,59,877 units, which is a 28 percent growth over FY2023’s 3,59,253 units. What’s more, the rapid rate of demand for most of its SUVs meant that Mahindra has doubled its FY2022 sales of 2,25,895 units.

In March 2024, the company despatched 40,631 units, up 13 percent YoY. In the past 12 months, the SUV manufacturer surpassed the 40,000 units mark on five occasions, with the festive month of October 2023 (43,708 units) delivering the highest number.

Five Mahindra models are already in the top 20 bestselling UVs listing for the April 2023-February 2024 period. The Scorpio is ranked sixth with 1,26,311 units, Bolero is No. 10 (1,00,494 units), the flagship XUV700 sold 72,787 units, while the Thar at No. 17 sold 58,430 units.

Toyota Kirloskar Motor: 2,44,940 units, up 41 percent YoY

Toyota has also recorded its best-ever domestic market sales in a fiscal year: an estimated 2,44,940 units, which is a strong 41 percent YoY growth (FY2023: 1,73,245 units).

In CY2023, Toyota registered its best-ever annual sales – 2,21,356 units – as a result of sustained demand for its MPVs and SUVs, along with those of its rebadged models like the Glanza, Urban Cruiser Hyryder and Rumion. Toyota India also recorded its best-ever monthly sales of 25,119 units in March 2024.

In FY2024, the top two models for TKM were the Innova Crysta/Hycross MPV and the Urban Cruiser Hyryder SUV. Between April 2023 and end-February 2024, the Innova models had sold an estimated 88,281 units and the Hyryder, 42,951 units. The third bestselling UV is the Fortuner with 28,050 units in the first 11 months of FY2024.

Honda Cars India: 86,584 units, up 2 percent YoY

Honda India has registered total wholesales of 86,584 units in FY2024, up 2 percent YoY (FY2023: 84,726 units). The Japanese carmaker’s performance has been energised by the launch of the Elevate midsize SUV in August 2023, with the SUV selling 30,635 units between August 2023 and February 2024. The Elevate, which is also exported to Japan as the WR-V, has also revved up overseas shipments for the company.

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