The wedding season and strong rural demand boosted passenger vehicle (PV) wholesales by 4% in November 2024, reaching 350,000 units. This growth continued during the festival season, strengthening the Indian automobile market.
Sustained rural demand powers sales
Maruti Suzuki India Ltd. (MSIL), India’s largest carmaker, saw its rural penetration rise to 48.7% in November. This was an increase of 2.2% from last year. Additionally, SUVs contributed significantly, making up 29% of MSIL’s total sales, up from 25.2% earlier this year.
Wedding season sparks festive buying
The ongoing wedding season has driven strong car sales, as many consumers purchase vehicles during this celebratory time. Maruti, Tata Motors, and Toyota have all benefited from this trend, helped by limited-edition models and year-end offers.
Market highlights from leading automakers
- Hyundai Motor India (HMIL): Sales dropped by 2.4% to 48,246 units in November. However, SUVs made up 68.8% of their total sales.
- Tata Motors: Sales increased by 2.1% to 47,117 units.
- Toyota Kirloskar Motor (TKM): Sales jumped by 44.4%, with 24,446 units sold.
Outlook for the Indian Automobile Industry
Industry experts predict a 4.2% annual sales growth for 2024. This is due to continued rural demand, expanding SUV offerings, and the positive impact of the festive season. Automakers’ discounts and tailored offers are also expected to help sustain this growth.
Overall, rural demand and the wedding season have driven significant growth in November’s passenger vehicle sales, highlighting the diversity of consumer needs in India’s car market.
