The Indian passenger vehicle market witnessed a historic year in 2024, achieving record-breaking wholesale sales of 43 lakh units. This growth was fueled by increasing demand for SUVs and strong contributions from rural markets, surpassing the previous record of nearly 41.1 lakh units in 2023. The year also marked a significant shift in consumer preferences, with a non-Maruti Suzuki car topping the sales charts for the first time in four decades. This article will cover the key-trends in the car-sales, followed by top 10 most sold cars of 2024 in India and so on.
Key Trends in Car-sales in 2024
- SUV Dominance: SUVs continued to gain popularity, with their market share rising from 32% in 2021 to over 50% in 2024. Three of the top five best-selling cars in 2024 were SUVs.
- Rural Market Growth: Rural markets played a crucial role in the overall sales, with Maruti Suzuki experiencing a 16% increase in rural sales in December 2024.
- Premiumization: Indian consumers increasingly favor vehicles with premium features like sunroofs and automatic transmissions.
- EV Adoption: The electric passenger vehicle segment also had its best year ever, with sales reaching 99,004 units, a 20% increase compared to the previous year.
Top-Selling Cars of 2024
A major highlight of 2024 was the rise of the Tata Punch, a sub-compact SUV, which became the highest-selling vehicle with 202,031 units. This ended Maruti Suzuki’s 40-year reign at the top of the sales charts. The other top-selling models included:
- Maruti Wagon R – 190,855 units
- Maruti Ertiga – 190,091 units
- Maruti Brezza – 188,160 units
- Hyundai Creta – 186,919 units
Prices of the top-10 sold cars
| Category | Car | Price Range |
|---|---|---|
| Hatchback | Maruti Swift | ₹6 Lakh – ₹9 Lakh |
| SUV | Tata Punch | ₹6 Lakh – ₹9.5 Lakh |
| Hatchback | Maruti Wagon R | ₹5.5 Lakh – ₹7.5 Lakh |
| MPV | Maruti Ertiga | ₹8 Lakh – ₹11 Lakh |
| SUV | Maruti Brezza | ₹8 Lakh – ₹14 Lakh |
| SUV | Hyundai Creta | ₹10 Lakh – ₹18 Lakh |
| Sedan | Maruti Dzire | ₹6 Lakh – ₹9 Lakh |
| SUV | Tata Nexon | ₹8 Lakh – ₹14 Lakh |
| MPV | Maruti Eeco | ₹4 Lakh – ₹7 Lakh |
| Hatchback | Maruti Baleno | ₹6.5 Lakh – ₹10 Lakh |
(Note that the prices mentioned above are approximate and can vary based on location, trim level, and dealer offers)
Growth of Electric Vehicle (EV) Sales
The Indian electric passenger vehicle segment experienced substantial growth, with sales reaching a record high of 99,004 units in CY2024, a 20% year-on-year increase. The growing preference for e-mobility is evident as more buyers are choosing EVs for their wallet-friendly appeal, despite the higher initial cost compared to traditional vehicles. Between 2015 and 2024, nearly 250,000 electric PVs have been sold in India. October 2024, with sales of 11,361 units, was the best month ever for the e-PV industry.
Market Leaders in the EV Segment
- Tata Motors remains the market leader in the EV segment, although its market share decreased to 62% in CY2024 from 73% in CY2023. Tata Motors sold 61,435 units in CY2024, a 2% increase.
- JSW MG Motor India doubled its market share to 21% in CY2024, with total sales of 21,464 units, a 125% increase over the previous year. The launch of the MG Windsor EV significantly boosted their sales.
- Mahindra & Mahindra, the third-ranked EV OEM, sold 7,104 units in CY2024, a 66% increase, giving them a 7% market share.
- BYD India maintained its position as the fourth-ranked EV OEM, with 2,819 units sold in CY2024, a 40% increase.
Luxury EV Market sales
The luxury EV market also saw growth, with sales rising by 7% YoY to 2,828 units in CY2024.
- BMW India remained the luxury EV market leader, with 1,210 units sold, despite a 7% decrease.
- Mercedes-Benz India saw the highest YoY growth in this segment, with sales up by 82% to 940 units.
Challenges and Future Outlook
While the EV market is growing, it faces challenges such as an inadequate number of charging stations across the country. However, both the government and private sector are investing in expanding the charging infrastructure. Additionally, the EV industry needs skilled manpower to tackle software issues in these increasingly software-defined vehicles.
Looking ahead, CY2025 is expected to be an exciting year for the Indian EV market, with several new launches planned by major manufacturers, including Maruti Suzuki and Hyundai. These launches should provide more choices to consumers and further accelerate the demand for electric vehicles.
FAQ
Q1. What was the top-selling car model in 2024?
A: The Tata Punch was the highest-selling model with 202,031 units sold in 2024.
Q2: How many passenger vehicles were sold in India in 2024?
A: India sold a record-breaking 43 lakh units of passenger vehicles in 2024.
Q3: How many EV cars were sold in 2024 in India?
A: India’s EV Segment saw sales of 99,004 units in 2024, best-ever in any calendar-year so far.
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