[volkman10]

Highlights:

- 2024 registered the highest-ever yearly wholesales of 42,86,423 vehicles, but the growth rate moderated to 4.6%

- 3,97,921 vehicle sales make October 2024 the best sales month in history

- Mahindra (22%) & Toyota (36%) outpaced Indian market growth

- All manufacturers offered discounts to prop up sales in the second half of - 2024

- Tata Punch became the best-selling car in 2024

- Strong demand for SUV, crossover, and MUV body-style products is the major growth driver in 2024

- Hyundai Motor India came up with India’s largest IPO ever, raising $3.3 billion in 2024

Indian mass market passenger vehicle industry:

- The Indian passenger vehicle industry posted the highest-ever wholesale of 42,86,423 cars (dispatch from brands to their dealers) in 2024; however, the growth rate has considerably moderated to 4.6%.





The early 2024 growth rate was higher due to the lower base effect of 2023, which can be regarded as the tail end of the supply-side shortage phase induced by the COVID-19 pandemic. However, the month-over-month growth rate has started tapering downward as India progressed through different phases of the general election beginning in April 2024. Post-election results: growth remained muted during monsoon. Post-September brands resorted to heavy discounting on products to prop up flagging demand. Diwali this time came as big relief as retail sales spiked suddenly, relieving dealerships with piling stock. Post festivities, wholesale remained high towards year end; however, retail remained in slight red with discounting continuing further. Seasonality does not come into play here, as it is a comparison of the same month in a different year.



Decoding growth path:

The Indian passenger vehicle CAGR (Compound-Annual-Growth-Rate) in series, with 2005 as a common base year. Growth in 2024 was on the lower side compared to 2022 and 2023, which is not a good sign from a long-term perspective, as Indian GDP growth too has slowed down to 5.4% in Q3 2024 CY.



Brand Growth:

- Besides Mahindra and Toyota, no other brand had a healthy growth rate in 2024. Both brands outpaced industry growth rates with significant volume and market share growth.

-Volume growth for the top three players—Maruti, Hyundai, and Tata—was almost flat, and all of them ceded market share in 2024.

- Honda, Renault, Skoda, Citroen, and Jeep have suffered massive de-growth in 2024.



Products driving Industry Growth:

- 2024 Volume Change over 2023



- Besides the Maruti Ertiga and Mahindra Scorpio, growth was driven by products that are either entirely new or have undergone a facelift in 2023 or 2024.
- Tata Punch’s massive growth can be attributed to the addition of CNG and EV drivetrains in mid-2024 and early 2024, respectively.

-The top 10 growth driver list is constituted by products with SUV or crossover body styling.

-Products that dragged down growth in 2024 were composed of hatchbacks and sedans, with the Kia Seltos being the only exception here.

-The point is that a product with the right value proposition can still grow in a slowing market by eating up the market share of others or creating a new demand entirely, as can be seen in the cases of Mahindra Scorpio or Maruti Ertiga.

2024 Impact on body style:



Despite a slowdown in the overall growth rate, the SUV and crossover segment posted healthy volume and market share growth. As brands too focused on this body style to address changing consumer preferences in India. The MUV segment was another growth engine due to higher outstation tours in the post-pandemic era. Hatchbacks suffered massive de-growth in 2024, and their market share was reduced to a mere 24%. Sedan continued on the path of decline.

Outlook in 2025:

The future growth path for 2025 will now depend on GDP growth and evolving consumer sentiments, which don’t seem to be very buoyant as of now. Nearly all brands have announced a steep price hike in early 2025. Brands here need to be cautious with pricing and dealer stock levels for the sustainability of the overall business ecosystem because pent-up demand is long gone, and car price inflation will result in an impact on demand. Higher marketing spend too may not bring higher sales growth, but a sensible pricing strategy and discounting can arrest sales fall in an unseen future.
2025 will also see the introduction of mass EV's giving more options to buyers, but their market remains to be seen.

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[volkman10]

CNG car, SUV sales soar to 715,000 units in CY2024, Maruti Suzuki share at 72%, Tata at 16%.
Strong 35% retail sales growth for CNG-powered passenger vehicles reflective of the fuel’s compelling value proposition.
While Maruti Suzuki, with its 15-model portfolio, sold over 500,000 units for the first time annually to maintain its firm grip with a 72% share, Tata Motors, with 115,432 units, increased its CNG share to 16 percent. Hyundai sold 71,811 units and Toyota 15,815 CNG cars and SUVs



Maruti Suzuki sells over half a million CNG Cars and SUVs.

CY2024: 512,157 units / CNG market share: 71.60% / Share of PV retail sales: 31%
CY2023: 393,745 units / CNG market share: 75% / Share of PV retail sales: 25%

Passenger vehicle market leader Maruti Suzuki, the pioneer in the factory-fitted CNG PV segment in India since 2010, has the largest portfolio of 15 CNG models including the Alto K10, Baleno, Brezza, Celerio, Dzire, Eeco, Ertiga, Grand Vitara, S-Presso, Wagon R, XL6, Fronx and more recently the Swift. Understandably, with such a wide model spread and strong demand for most of them, the company has a vice-like grip on the market.

The company continues to have a strong order book for its CNG models, with the most popular ones being the Ertiga MPV, Brezza compact SUV and the Dzire sedan. On the fiscal year front, Maruti Suzuki has outlined an ambitious sales target over 600,000 CNG PVs in FY2025, which translates into 38% YoY growth over its FY2024’s 434,122 units. Between April 1, 2024 and January 5, 2025, the car and SUV maker has sold 430,876 CNG PVs, which means it is just 3,246 units shy of its FY2024 total.

TATA Motors CNG PV Sales jump 71% and market share to16%
CY2024: 115,434 units / CNG market share: 16% / Share of PV retail sales: 22%
CY2023: 65,055 units / CNG market share: 12% / Share of PV retail sales: 12%

Tata Motors, the No. 3 PV OEM in overall sales after Maruti Suzuki and Hyundai Motor India, is ranked No. 2 in CNG-powered car and SUV sales. The company, which had first introduced its innovative twin-CNG-cylinder technology in the Tata Altroz hatchback, has now standardised the technology in its entire CNG line-up which comprises the Tiago CNG, Punch CNG, Altroz CNG, Tigor CNG and most recently, the Nexon CNG launched in September 2024.

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[volkman10]

CY2024 Car Sales Snapshot:

- Mahindra (+1.8%) and Toyota (+1.6%) gained significant market share by posting 22% and 36% growth, respectively

- Besides them, every other player has lost market share

- The top six brands control 93% of the Indian passenger vehicle market

- Maruti, Hyundai, Tata, Mahindra, Toyota, and MG posted their best-ever sales in 2024

- Honda, Renault, Skoda, Citroen, and Jeep have suffered massive de-growth in 2024

- The race for the No.2 position has heated up among Hyundai, Tata, and Mahindra in the second half of 2024

- Profitability of brands was deeply impacted in Q3 2024 due to heavy discounting on products to prop up demand

- Hyundai Motor India came up with India’s largest IPO ever, raising $3.3 billion in 2024

- Chinese automaker SAIC has divested a 51% stake in its subsidiary MG India to Indian investors led by JSW Group



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[volkman10]

Best selling cars in India for 2024!

- Tata Punch became the best-selling car in 2024.
- SUV and crossover body-style products are now in the majority in the top 10 ranking.
- Tata and Mahindra made strong inroads in erstwhile Maruti and Hyundai bastion.
- Mahindra Scorpio is the most expensive product in the top 10 ranking.
- A big leap was Maruti Ertiga MUV becoming the third best-selling vehicle in India.
-Mahindra Scorpio is the most expensive product in the top 10 ranking, which also marks the journey of the Indian consumer from affordable to aspirational products.
-SUV and crossover body-style products are now in the majority in the top 10 ranking, and hatchbacks are reduced to mere 3 positions.



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[It's Magic]

Originally Posted by volkman10

-SUV and crossover body-style products are now in the majority in the top 10 ranking, and hatchbacks are reduced to mere 3 positions.

Maruti Wagon R seems to be an exception as it's sales numbers have grown over the past 6 years. It has also reached the number 2 spot, whereas in 2018, it was at number 6.
Look like it's the only small car still thriving.

[Chandler Bing]

I quickly just added up Baleno and Glanza numbers because they are just the same vehicle

172094 (Baleno)
49927 ( Glanza)
----------
2,22,021 (Total) . That's higher than Punch !!!!!

Imagine if Toyota had a copy of WagonR

[NiInJa]

Growth rate of 4.6% for 2024 may look concerning, but I think we should consider the fact that lot of people bought cars in 2021 and 2022 after the pandemic was over. The growth was massive 27% then. It makes sense that retail sales will be down as people will keep their cars at least for 5-6 years before starting to think of replacing their current cars.

Wagon-R thrives because of the taxi demand.

The interesting thing about Tata Punch is that this particular car, unlike the Wagon-R, was not bought by taxi fleet owners. One can rarely see the Punch with Yellow number plates (yet). In that sense, this is a remarkable feat by Tata. In fact, after the Indica (Indicab), Tata does not have a car that interests the cab market. Not even the Tiago. Not sure if this is done deliberately.

[volkman10]

Indian luxury car market grows 6% to 51,200 units in 2024.

-India's luxury car market crossed a significant milestone, surpassing 50,000 units for the first time in 2024. However, growth slowed to single digits due to a sluggish economy and reduced government spending during the election year.

-Mercedes-Benz India and BMW India achieved record sales totals, while Audi, Volvo, and Mini reportedly experienced double-digit declines in annual sales due to macroeconomic headwinds and supply-side challenges. Jaguar Land Rover and Lexus, however, maintained their double-digit growth in 2024.

-Mercedes-Benz, which launched 14 new models that helped the company achieve its highest-ever sales, BMW Group India had a strong product offensive in the country.

-Mercedes-Benz's BEV portfolio continued to gain strong customer preference, growing significantly by 94% year-on-year, with enhanced penetration of more than 6% in YTD Jan-Dec 2024 sales.

- BMW's i7 was the largest-selling EV in its class, with 384 units. The maker of the 5 Series and 7 Series said it has also reached 3,000 EV deliveries to date, becoming the first luxury car manufacturer in the country to reach this milestone. BMW iX is India's most popular luxury EV, with over 1,100 units sold.

- Mercedes-Benz is aiming for another record year, backed by new model launches and an expanding dealership footprint.






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[volkman10]

Charts that capture India's car market in 2024.

- Car sales in the first 11 months of 2024 have been a mixed bag with a lot of back and forth between OEMs and dealers who have struggled to sell off stock in their yards.

-Mahindra crossed the magical 500,000 mark for the trailing 12 months. The company contributed to over half of the growth in the industry. Just the Scorpio brand accounted for a quarter of the growth seen in the industry as a whole.

-The top six players in the Indian markets—Maruti, Hyundai, Tata, Toyota, Kia and Mahindra, control 93.4% of the total dispatches. The remaining seven players, including the likes of Volkswagen, Skoda, Honda, Citroen, MG, Nissan, and Renault, fight over the remaining 6.6%.

-Struggling even in strong segments like the mid-size SUVs are the Citroen Basalt and the C3 Aircross. In fact Citroen, with five models under its belt sold a measly 6,882 units this entire calendar year.

-The SUVs in 2024 comprise 53.1% of the Indian car markets. They were 48.1% last year and just 32.4% in 2020. The hatches have been beaten up even worse. From 41.9% in 2020 to 23.0% this year, sedans have moved from 14.1% in 2020 to 7.9% this year. That is almost halving the share! The image above explains exactly how the sands have shifted in the last five years.




























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[volkman10]

2024 EV sales report: Growth, market leaders & future trends

- 1,06,966 mass-market battery EVs were sold in 2024, posting 19% growth over 2023

- BEV sales constituted 2.5% of total passenger vehicles sold in India

- BEV sales growth was driven by new products introduced in 2024 – Tata Punch EV, Tata Curvv EV & MG Windsor

- Tata continues to dominate the Indian BEV market with a 62% share, followed by MG with a 27% share

- Tata Punch EV emerged as the best-selling BEV product, followed by Tata Tiago EV

- India’s mass-market battery EV (BEV) segment witnessed 19% growth over 2023

- Many existing models were sold at discounts to maintain sales momentum. The average car sales price for BEVs remains ₹ 14.1 lakhs.

- Tata Motors lost 12% market share to MG

-Mahindra’s EV sales increased due to higher discounts on its sole BEV model to meet CAFE targets

-MG Motors expanded its market share by 13%, fueled by the aggressive pricing of the MG Windsor, launched in Q3 2024

- Entry of new crossovers has strengthened its position in BEV segment share

- Hatchbacks are losing again in the BEV segment too.

- Both Tata and Mahindra sent their EVs voluntarily for the Bharat NCAP crash test program, and each of them scored 5 stars in Adult Occupant Protection (AOP) tests

-With an EV friendly budget and products seen at the 2025 Auto Expo, will potentially enhance the penetration level of EVs in 2025, based on how well these products perform individually, the availability of incentive programs from state governments in the form of road tax waiver, and the expansion of India's charging infrastructure, which remains a critical factor in driving EV adoption.













2025 anticipated launches:

[volkman10]

2024 Electric PV Sales: Maharashtra and Karnataka vie for honours.

The Indian electric passenger vehicle segment, in tandem with the electric two- and three-wheeler segments which notched their best-ever annual sales in CY2024, registered its best-ever calendar year retails of 99,453 units, up 20% YoY (CY2023: 82,563 units). This is also the segment which makes the most news headlines, as they did at the recent Bharat Mobility Global Expo 2025 which saw a flurry of new electric cars, SUVs and MPVs being revealed and some launched.

In CY2024, three states stood out in the e-PV segment – Maharashtra, Karnataka and Kerala – with their combined sales of 40,116 units accounting for 40% of the all-India total of nearly 100,000 units. Maharashtra remained the No. 1 state with 15,044 e-PVs and a 15% share, 954 units ahead of Karnataka (14,090 units), which had a 14% share. Kerala, with 10,982 units and an 11% share is third on the podium.




Overall EV sales:

India’s electric vehicle (EV) industry wrapped up CY2024 on a strong note with retail sales hitting a record 1.95 million units, increasing by a robust 27% year on year (CY2023: 1.53 million units) and missed the 2-million milestone by a whisker: just 50,000-odd units. The past two years have been particularly good for the sector as OEMs benefit from the growing consumer shift to e-mobility while EV buyers gain from the larger number of EVs across the two- and three-wheeler and passenger vehicle segments.
As per the Vahan-sourced data, of the total 1,950,059 EVs sold in India in CY2024, the top six states – Uttar Pradesh (369,102), Maharashtra (241,941), Karnataka (179,037), Tamil Nadu (131,482), Bihar (112,854), Rajasthan (109,393) and Madhya Pradesh (100,314) – registered six-figure sales. Their cumulative sales of 1,244,123 or 1.24 million EVs account for 64% of total EV sales in India last year. The Top 3 – Uttar Pradesh, Maharashtra and Karnataka – with 790,080 units alone have a 40% share of total EV sales.





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[volkman10]

South India accounted for 47.2% of JSW MG Motor India’s EV sales in 2024, with Karnataka leading, followed by Telangana and Kerala.



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