New Delhi, Jan 2 Driven by rising private consumption and disposable incomes, India saw vehicle retail sales increase by at least 9 per cent in 2024 (year-on-year) to cross 26 million units.
This surpasses the pre-Covid peak of 25.4 million units in a single year in 2018.
Industry experts said that the key aspects to watch out in 2025 will be government’s focus on infrastructure spend and growth in end use segments, which will augur well for the commercial vehicles industry.
“Looking ahead, we expect demand to improve in Q4 FY25 across most segments of the commercial vehicle industry,” said Girish Wagh, Executive Director, Tata Motors Ltd.
According to the Federation of Automobile Dealers Associations (Fada), they are optimistic about 2025, especially with multiple launches lined up, and expect the electric vehicle (EV) sector to perform well.
In 2024, EV sales reached 1.95 million units, up from 1.5 million in 2023. EV penetration also went up to 7.5 per cent, compared with 6.39 per cent in the previous year.
In the electric two-wheeler (2W) space, Bajaj Auto's market share increased by 3 per cent to 25 per cent in December 2024, which was 22 per cent in November. At the same time, Ola Electric's market share declined by 5 per cent on a MoM (month-on-month) basis to 19 per cent in December. It was 24 per cent in November.
In the passenger vehicle (PV) space, Maruti Suzuki India recorded a 30 per cent jump in sales to 1,78,248 units in December 2024 from 1,37,551 units in the same month last year.
Automaker Kia India reported a 6 per cent rise in total sales at 2,55,038 units in 2024 compared to the previous year, recording its highest-ever annual sales. The company had sold 2,40,919 units in 2023. Hyundai Motor India Limited (HMIL) registered the highest-ever yearly domestic sales of 6,05,433 units in 2024.
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