NewsDeskReport
New Delhi:
Retail sales of vehicles in India have crossed 26 million units by 2024, increasing by 9 percent on an annual basis. This increase in retail sales of vehicles was seen due to increase in personal consumption and disposable income. It has also crossed the pre-Covid peak of 25.4 million units in a year in 2018.
Industry experts said that the government’s focus on spending on infrastructure and growth in the end user segment in 2025 will remain under watch as this will be good for the commercial vehicle industry.
In 2024, EV sales to reach 1.95 million units
According to the Federation of Automobile Dealers Association (FADA), there is optimism due to back-to-back launches in 2025. It is expected that the electric vehicle (EV) sector will perform well. In 2024, EV sales are projected to reach 1.95 million units, up from 1.5 million in 2023. EV penetration also increased to 7.5 percent compared to 6.39 percent last year.
Bajaj Auto’s market share increases by 3% in December 2024
In the electric two-wheeler space, Bajaj Auto’s market share increased by 3 percent to 25 percent in December 2024 from 22 percent in November. Whereas, Ola Electric’s market share declined by 5 percent on a monthly basis to 19 percent in December. In November it was 24 percent.
Maruti Suzuki India reports 30% growth in sales
In the passenger vehicle (PV) space, Maruti Suzuki India reported 30 per cent growth in sales in December 2024 at 1,78,248 units from 1,37,551 units in the same month last year. Automaker Kia India In comparison, total sales recorded a growth of 6 percent in 2024 to 2,55,038 units, which is its highest ever. Annual sales were. The company had sold 2,40,919 units in 2023. Hyundai Motor India Limited recorded the highest ever annual domestic sales of 6,05,433 units in 2024.
