Improving infrastructure, increase in information and improved road quality boost car demand in India
Tata Motors Passenger Vehicles Managing Director Shailesh Chandra expects the demand for passenger cars to remain strong in the domestic market, although the high base effect may keep the growth rate in single digit.
Market leaders such as Maruti Suzuki India Ltd, Hyundai Motors India Ltd, Tata Motors, Mahindra & Mahindra and Toyota Kirloskar says FY2-23-24 was boom year with strong gains driven by domestic demand.
Hyundai Motor India https://www.hyundai.com/in/en chief operating officer Tarun Garg has attributed the increases in FY auto sales to surge in rural regions due to multiple factors such as infrastructure development, increased access to information and improved road quality.
“These are the highest sales reported by the automaker since inception,” Garg said as company financial reports came in on 31 Mar 2024.
Maruti Suzuki https://www.marutisuzuki.com/ , reported a 10% year-on-year increase in its March sales at 1.87 lakh units. For FY24, it reported domestic sales of 17.93 lakh vehicles and record exports of 2.83 lakh units.
Hyundai Motor India Ltd recorded its best-ever sales at 7.78 lakh units in FY24, an increase of 8% over FY23. It reported 7% in March, at 65,601 units.
Tata Motors https://www.tatamotors.com/ said domestic wholesales in March was 90,922 units, up 2% on the year. It sold 50,297 passenger vehicles and EVs in March, up 14% on the year. Wholesales in the domestic market stood at 9.49 lakh units at Mar 31, 2024, up 2% from 9.32 lakh units in FY23.
Toyota Kirloskar Motor https://www.toyotabharat.com/toyota-in-india/about/ sold 2.63 lakh units in FY24, an increase of 48% on the year.
Mahindra & Mahindra https://www.mahindra.com/ reported a 28% increase in passenger vehicle wholesales at 4.6 lakh units for FY24 compared with 3.59 lakh units in FY23. Fiinews.com
