Introduction
India’s automobile industry witnessed a 4% year-on-year growth in domestic passenger vehicle (PV) wholesales in November 2024, reaching around 350,000 units. This steady growth follows the festive season momentum, driven by rural demand, the ongoing wedding season, and increased SUV sales. Maruti Suzuki India (MSIL) and Toyota Kirloskar Motor (TKM) emerged as notable contributors to this rise, with Toyota reporting a significant 44.4% jump in sales.
Sales Surge: Key Drivers Behind the Numbers
In November 2024, the Indian automobile industry’s PV wholesales reached approximately 350,000 units, compared to 335,954 units in November 2023. Partho Banerjee, Senior Executive Officer of Marketing and Sales at MSIL, remarked, “The industry recorded favorable sales in November due to several factors. The momentum of October continued in November, ongoing rural demand, wedding season and increased sales of SUVs (sport utility vehicles), good response for limited edition models.”
The wedding season, traditionally a period of increased spending in India, combined with a strong rural market, bolstered sales for multiple manufacturers. Rural penetration for Maruti Suzuki rose to 48.7%, a 2.2% increase from November last year. SUVs have been a significant growth driver for the company, contributing 29% of its total sales this month, up from 25.2% earlier in the financial year.
Year-End Discounts and Tailored Portfolios
Toyota Kirloskar Motor posted an impressive 44.4% growth in November, with domestic sales reaching 24,446 units. Sabari Manohar, Vice President (Sales, Service, Used Car Business) at TKM, attributed this success to a diverse product portfolio catering to various lifestyles and exclusive year-end benefits. He shared, “Exclusive year-end benefits of over ₹1 lakh on select models, including the Urban Cruiser Taisor, Toyota Glanza, and Rumion (excluding CNG variants), available until December 31, 2024, have played a key role in driving robust sales momentum.”
Toyota’s strategy of offering tailored solutions and attractive discounts proved instrumental in its strong performance, reflecting its commitment to meeting market demands.
Mixed Performances from Other Players
Hyundai Motor India (HMIL) reported a slight dip of 2.4% year-on-year in domestic PV wholesales, standing at 48,246 units. Despite this, SUVs dominated Hyundai’s sales, contributing a substantial 68.8% to its overall numbers.
Meanwhile, Tata Motors witnessed a modest 2.1% growth in domestic PV sales, reporting 47,117 units in November. These figures underscore the steady demand for SUVs and compact vehicles across the market.
Annual Outlook and Industry Trends
The automobile industry’s overall annual growth for the calendar year 2024 is projected to hover around 4.2%, with a margin of ±0.1%. In 2023, the domestic PV wholesale numbers stood at 4.108 million units, highlighting the sector’s resilience and consistent performance.
With SUVs leading the charge, manufacturers like Maruti Suzuki, Toyota, and Hyundai are capitalizing on consumer preferences. Limited edition models and promotional offers further fuel this growth, ensuring continued momentum as the year draws to a close.
The November 2024 car sales figures highlight the vital role of rural demand, the wedding season, and the rising popularity of SUVs in driving growth. With attractive year-end offers and a diverse range of vehicles, automakers are poised to maintain this momentum into December. As the industry navigates its next phase, it remains a prime opportunity for buyers to explore value-driven deals and contribute to the sector’s ongoing success.
Are you planning to purchase your dream car? Now’s the time to explore year-end offers and get the best deals before 2024 ends!
