Indian Auto Market Growth: The Indian auto market is witnessing significant growth due to a steep rise in consumer demand. Passenger vehicles are the biggest in this growth. In the Last Month i.e. February 2024 the domestic auto market recorded unprecedented growth. Some industry experts mention that the industry will continue recording the same growth rate even in the upcoming times.
Passenger Vehicles Become Major Contributors
In the last month, various automakers recorded excellent growth by selling record units. Maruti Suzuki, India’s biggest automaker sold over 1.97 lakh units which also comprises domestic sales of 1.63 lakh units. This led to a 9 per cent YoY growth in the domestic market.
On the other hand, Hyundai, another major player in the Indian auto industry recorded 6.8 per cent YoY growth by selling over 50000 units last month i.e. February 2024.
Tata Motors Records Biggest Growth
Sales of passenger vehicles (PVs) increased by 19% for Tata Motors this month, above the 12% year-over-year rise that was noted in January. For the consecutive month, Toyota’s India broke sales records, selling 25,220 units—a 61 per cent increase over the previous year. The automaker recorded a major increase in its models of multi-utility vehicles and sports utility vehicles (SUVs).
In February 2024, sales at MG Motor increased by more than 18%. 4,532 units were sold as opposed to 3,825 in January. In February 2024, Honda Cars India announced a 17% increase in domestic sales year over year, with 7,142 units sold.
Two Wheeler Segment Growth
Hero MotoCorp had a whopping 22 per cent year-on-year increase in the two-wheeler segment.
In February 2024, Hero sold 433,598 units, as opposed to 356,690 units during the same month in the previous year. Bajaj Auto grew significantly as well with an overall increase of 25%, selling 294,684 units.
Domestic sales of Suzuki motorcycles increased significantly by 59%. In February 2024, it sold 83,304 units, up from 52,451 units during the same month the previous year. Additionally, Royal Enfield had a noteworthy 10% rise. Its sales in February 2024 surpassed the earlier 71,544 units in 2023 by 75,935 units.
Experts’s Evaluation Says
According to experts, the significant growth witnessed by the Indian auto industry will continue in the upcoming months. The major reason behind this growth is the increased consumer demand which will expectedly grow in the upcoming times.
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