India 2024. Auto Market Starts Up In Double-Digits

9916

Indian Autos Market double-digit growth in 2024. Total sales throughout January reach 393,471 units (+13.8%). Maruti opens the gap to the rest of the market owning 42.4% of the market share (+13.2%).

Market Trend and Outlook

After rapid economic growth of 7.2% in the 2022-23 fiscal year, economic momentum has remained strong in the first half of 2023. The S&P Global India Services PMI Business Activity Index for July signalled continued rapid expansion in output and new orders, while July’s Manufacturing PMI survey also showed strong expansionary conditions.

India has also become an increasingly attractive location for multinationals across a wide range of industries, with foreign direct investment inflows (FDI) having reached a new record high of USD 85 billion in the 2021-22 fiscal year. FDI investment inflows into the manufacturing sector rose by 76% year-on-year (y/y) in 2021-22, reaching a level of over USD 21 billion.

In such positive economic environment, it was no surprise that the Indian auto market would continue this uptrending behaviour. January continues a 13 month positive string, registering 393,471 new sales (+13.8%). 

Looking at cumulative data from 2024, brand-wise Maruti leads the rankings with 166,802 million sales (+13.2%), Hyundai with 57,115 (+15.0%), Tata with 53,635 (+11.8%), Mahindra with 43,068 (+30.4%) and Kia with 23,769 (-17.0%).

Toyota with 23,197 sales (+82.3%) ranks in 6th place, followed by Honda at 8,681 sales (+11.0%), Renault -up 2 spots- with 3,826 sales (+27.2%), followed by MG -down 1 spot- with 3,825 new registrations (-7.0%) and Volkswagen -up 1 spot- in 10th with 3,267 units sold (+12.4%).

Looking at specific models the Maruti Baleno becomes the best seller being up 20.0% in sales growing 3 spots, followed by the Tata Punch up 49.7%, gaining 6 spots.

Medium-Term Market Trend

The Indian autos market alternated positive years with negative ones, from 2010 to 2013, reaching a minimum in 2011 at 2.5 million and a peak in 2012 at 2.8 million sales. 5 years of consecutive growth followed, with a maximum reached in 2018 at 3.4 million registrations.

In 2019 started a negative trend that would continue through the covid pandemic moving sales from nearly 3 million to 2.5 million at the end of 2020.

The fall in sales in the Indian market was not due to a structural problem in the economy, in fact sales started to recover extremely quickly after the pandemic. In 2021 they rose above the 3 million mark (+26.6%) and in 2022 they grew another 23.1% to 3.82 million, setting a new all-time high. In 2023 the market closed with a fully positive year, reporting 4.21 million sales (+8.3%).

This confirms a common trend in asian countries that, unlike European ones, are recovering well from the pandemic and are responding outstandingly to the change in market sentiment cause by a shift to Evs and a disruption in the supply chains caused by lack of raw materials for microchip production.

Tables with sales figures

In the tables below we report sales for top 10 Brands, top 10 Manufacturer Groups and top 10 Models.

 

This content is for members only.
Login Join Now