Sales of passenger vehicles crossed 42 lakh for the first time, annual sales increased by 9%, share of SUVs 50.4%

For the first time in the budget year 2023–2024, wholesale sales of passenger cars surpassed 42 lakh, largely due to the robust demand for sport utility vehicles (SUVs). Market data indicates that a total of 42.3 lakh passenger vehicles were sold by businesses including Maruti Suzuki, Hyundai Motor India, Toyota Kirloskar, and others during the previous fiscal year. This amount is 9% higher than the 38.9 lakh units that were sold overall in 2022–2023. In terms of all passenger vehicle sales, SUVs now account for 50.4% of the total. It was 43% in 2022–2023. Annually, there was a 28% increase in the SUV market. For hatchbacks, there was a 12% growth and for sedans, a 6% growth.

Maruti's vehicle sales in the domestic market reached 17,93,644 units for the first time in 2023-24. With this, the company crossed the total annual sales mark of 20 lakh units in the last financial year. Rival Hyundai also sold a record 7,77,876 vehicles in the last financial year. This is 8% more than the 7,20,565 units sold during 2022-23.

Rise continued in March also:

• Maruti's total sales increased by 10% to 1,87,196 units in March this year. At the same time, sales of Hyundai vehicles increased by 7% last month to 65,601 units.
• Tata Motors' total domestic wholesale sales increased by 2% to 90,822 units.
• Mahindra & Mahindra's total sales increased by 4% to 68,413 units.
• Toyota Kirloskar sold 27,180 vehicles, its highest-ever sales.
• Honda Cars India's wholesale sales increased by 6% to 7,071 units. MG Motor also had a rise of 23%.