43 lakh cars sold in 2024. Rural India made the push with SUVs dominating the charts

The Indian passenger vehicle market hit a historic milestone in 2024 with record sales of 43 lakh units. Leading manufacturers such as Maruti Suzuki, Hyundai, Tata Motors, Toyota and Kia achieved their highest-ever annual domestic sales setting the stage for an impressive year.

This surge in sales was driven by the growing popularity of SUVs and strong demand from rural markets. The growth surpassed the previous record of 41.1 lakh units set in 2023 marking an increase of around 4.5 per cent to 4.7 per cent according to Maruti Suzuki’s Senior Executive Officer of Marketing & Sales, Partho Banerjee.

Maruti Suzuki leads the market

Maruti Suzuki broke its six-year-old record with annual wholesales of 17,90,977 units, surpassing its previous best of 17,51,919 units in 2018. Retail sales also reached a new high of 17,88,405 units which was an improvement from 17,26,661 units sold in 2023.

The company's initiatives such as expanding NEXA outlets to smaller cities and launching limited-edition models were instrumental in this success. Rural sales grew by 16 per cent in December 2024 held by favourable monsoon conditions and minimum support prices (MSP).

Hyundai and Kia results

Hyundai Motor India reported its best-ever yearly domestic sales of 6,05,433 units in 2024, with SUVs contributing a remarkable 67.6% to its total sales. Kia India’s sales also grew by 6% to 2,55,038 units, marking its best performance to date.

Kia’s Senior Vice-President Hardeep Singh Brar highlighted the company’s focus on timely vehicle delivery and strong foundations for future growth.

Tata Motors and Toyota sales

Tata Motors achieved its fourth consecutive year of record sales, delivering 5.65 lakh units.

Toyota Kirloskar Motor (TKM) recorded a massive 40 per cent jump in sales, selling 3,26,329 units compared to 2,33,346 units in 2023.

Other key player's results

Mahindra & Mahindra achieved an 18 per cent increase in December sales, reaching 41,424 units.

JSW MG Motor India Reported a 55 per cent increment in December sales, with electric vehicles (EVs) and new energy vehicles (NEVs) making up over 70 per cent of sales.

Nissan Motor India recorded a 51 per cent growth in December wholesales reaching 11,676 units.

Audi India faced a 26.6 per cent decline in 2024 sales due to supply chain challenges, though volumes improved in the latter half of the year.

The Indian passenger vehicle industry continues to grow with SUVs and sustainable technologies leading the charge. As companies innovate and adapt to market trends, the momentum is expected to carry forward into 2025.

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