The Federation of Automobile Dealers Associations (FADA) has released retail vehicle sales data for the calendar year 2024 (CY24), highlighting a growth of 9.1% year-on-year (YoY) despite challenges like erratic weather, elections, and uneven monsoons. The growth trajectory underscores the resilience of India’s auto market across segments, with three segments—3W, PV, and tractors—achieving all-time highs.
CY24 Performance Highlights – Segmental Growth
2W: +10.7% YoY
3W: +10.4% YoY (All-time high)
PV: +5.1% YoY (All-time high)
Tractors: +2.5% YoY (All-time high)
CV: Nearly flat at +0.07%
Car Retail Sales Year 2024
FADA has revealed India’s car retail sales data for the calendar year 2024 (CY24) reveals a 5.18% year-on-year (YoY) growth, with total retail sales reaching 40,73,843 units compared to 38,73,381 units in CY23. Despite economic challenges and market fluctuations, several automakers showcased resilience and achieved notable growth, while some struggled with declining numbers.
Maruti Suzuki remained the market leader with 16,39,978 units sold, a 3.66% growth over its CY23 sales of 15,82,119 units. Hyundai followed with 5,59,984 units, marking a modest 1.56% growth compared to 5,51,369 units last year. Tata Motors reported a 2.32% growth with 5,38,221 units, solidifying its third position in the market.
Mahindra emerged as one of the top performers, recording a remarkable 21.24% YoY growth with 4,90,169 units, driven by strong demand for its SUVs. Toyota saw the highest growth among major players, surging by 33.84% to reach 2,58,684 units, compared to 1,93,285 units in CY23. Kia also performed well, achieving a 4.51% growth with 2,37,479 units sold.
In contrast, Skoda Volkswagen Group cars struggled with a 13.88% decline in sales, registering 79,427 units compared to 92,228 units in CY23. Honda faced a similar downturn, with sales dropping by 10.53% to 68,923 units. Renault reported one of the steepest declines among major brands, falling by 23.26% to 40,637 units from 52,956 units. Nissan saw a smaller drop of 5.99%, selling 26,169 units.
Force Motors also posted an impressive 19.93% growth, selling 8,612 units. MG Motor continued its steady performance, growing by 5.39% with 52,532 units sold. BYD showed the highest growth percentage in the market, with sales rising by a massive 40.06% to 2,818 units. On the other hand, Citroen faced a significant decline of 25.93%, selling just 6,643 units. Jeep also saw a sharp drop of 37.54%, recording sales of 4,580 units compared to 7,333 units in CY23. Other smaller players collectively reported a 30.43% decline, with 20,915 units sold.
Luxury Car Retail Sales Year 2024
Among luxury brands, Mercedes-Benz led the pack with 17,334 units sold, a growth of 11.47%, while BMW followed closely with 14,278 units, reflecting a 14.23% increase. Jaguar Land Rover (JLR) made a strong comeback with a 33.56% growth, selling 4,636 units, while Volvo saw a decline of 13.55%, selling 1,824 units.
In summary, the Indian automotive market in CY24 experienced growth across most segments, led by strong performances from Mahindra, Toyota, and BYD. However, challenges like market competition, evolving consumer preferences, and economic headwinds impacted some automakers. With new model launches and increased adoption of electric vehicles, the industry is poised for further growth in 2025.
