NEWS

High on SUVs: India records all-time high passenger vehicle sales in FY24

With a total of 3,948,143 units sold, 8.45 per cent higher than the 3,640,399 units in the financial year 2023 (FY23), the passenger vehicles (PV) retail sales touched an all-time high in FY24, according to the data released by the Federation of Automobile Dealers Associations (Fada). It noted that the PV retail sales witnessed a milestone year due to improved vehicle availability, a compelling model mix, and the launch of new models. The association added that the sales also rose due to enhanced supply dynamics, strategic marketing efforts, and expansion in road infrastructure.The year also witnessed high demand for sports utility vehicles (SUVs). Fada said that for the first time in India, SUVs now hold a market share of 50 per cent. In March, however, the PV sales dipped by 6 per cent compared to March 2023 due to heavy discounting and selective financing. It was further impacted by economic worries and the electoral climate. A total of 322,345 PVs were sold in the month compared to 343,527 units last year. Compared to 330,107 units in February 2024, the PV sales were down by 2.35 per cent. Overall, auto retail sales in India increased by 10.29 per cent in FY24. A total of 24,530,334 units were sold, including PVs, commercial vehicles, two-wheelers, three-wheelers, and tractors, compared to 22,241,361 units in FY23. The highest increase in sales was witnessed in three-wheelers, which saw a jump of 48.83 per cent. It was followed by two-wheelers (9.3 per cent) and PVs.