FY2024 saw passenger vehicle stalwarts Maruti, Hyundai and Tata Motors report their best ever fiscal sales boosted by rising demand for SUVs
The passenger vehicle (PV) segment remained strong in the financial year 2024 to record a total of 39,48,143 units. This was against 36,40,399 units sold in FY2023 relating to a volume growth of 3,07,744 units. The list was led by Maruti Suzuki, Hyundai, Tata Motors, Mahindra, Kia and Toyota each of which, with the exception of Kia, have reported their best ever fiscal sales. The demand for SUVs continues unabated while a slowdown in demand was seen for vehicles in the hatchback and sedan categories.
Passenger Vehicle Sales in FY2024 vs FY 2023 – YoY
As per data released by Federation of Automobile Dealers Associations (FADA) for sales through FY2024. Every sector has seen outstanding growth. While the 2W segment grew by 9 percent, 3Ws saw a 49 percent improvement while PV and CV sales were up 8.45 percent and 5 percent respectively. Speaking exclusively of the PV segment, new model launches, several facelifts, and more emphasis paid to the SUV segment has stood it in good stead. Prominence paid to launch of hybrids and electric vehicles has also played a significant part in its growth.
Maruti Suzuki once again claimed a lion’s share in this segment with 16,05,264 units sold in FY2024, up from 14,90,202 units sold in FY2023. Currently commanding a market share of 40.66 percent, the company saw several new launches in the past year among which were the Maruti Jimny, Fronx, and Invicto along with several facelifts. Upcoming launches are set to include the company’s first-ever fully electric vehicle – eVX, sometime later this year.
At No. 2 was Hyundai with 5,61,371 units sold in FY2024, a volume growth of 33,890 units over 5,27,481 units sold in FY2023. In FY2024, Tata Motors sold a total of 5,38,264 units, up from 4,92,122 units sold in FY2023. With a market share at 13.63 percent, the company has been in constant competition for a No.2 spot with Hyundai. Tata Motors has cemented its position as a leader in the EV space in the PV segment and models such as the Punch and Nexon continue to be major contributors.
With its portfolio packed with high in-demand SUVs, Mahindra has recorded sales of 4,24,570 in FY2024, a 23 percent YoY growth over 3,26,213 units sold in FY2023. Mahindra has a portfolio packed with many SUVs (Bolero /Neo, Scorpio/ N, Thar, XUV300, XUV400 (electric) and XUV700) each of which have contributed to its success in a big way. Soon Mahindra will launch XUV 3XO.
Kia sales dipped marginally on a YoY basis in FY2024 to 2,25,539 units from 2,35,435 units sold in FY2-2023 to command a market share of 5.71 percent. Registering their best-ever sales in FY2024 was Toyota Kirloskar Motors with 2,12,646 units sold in the past financial year, up from 1,59,322 units sold in FY2023. Its two best-selling models were the Innova Crysta / Hycross MPV and Urban Cruiser Hyryder SUV while the Fortuner also saw its fair share of buyers in the markets.
Skoda sales dipped marginally to 88,412 units in FY2024 from 88,492 units sold in FY2023. Honda also noted a YoY degrowth to 79,454 units from 83,491 units sold in FY2023 while MG Motor sales improved to 49,737 units in FY2024 from 41,859 units sold in the same period last year. Two other automakers to post YoY degrowth were Renault (46,614 units) and Nissan (27,317 units).
Luxury Passenger Vehicle YoY Sales FY2024
Mercedes on the other hand saw sales rise to 15,599 units in FY2024 from 14,456 units sold in FY2023. BMW sales went up to 13,542 units in FY2024 from 10,900 units sold in FY2023. Significantly higher sales were reported by Citroen (PCA Automobiles) which saw sales of 8,330 units in the past financial year as compared to 5,990 units sold in FY2023. Lower down the sales list was Force Motors (7,548 units), Fiat – Jeep (6,166 units), Jaguar Land Rover (3,764 units), Volvo (2,127 units) and BYD (1,774 units). There were other OEMs that added 20,105 units to total sales in FY2024, down from 36,199 units sold in FY2023.
