Achi news desk-
Total shipments of passenger vehicles from manufacturers to dealers in the last budget rose to 42.3 lakh units, an increase of 9 percent, compared to 38.9 lakh in 2022-23
Driven by strong demand for SUVs, passenger vehicle sales in India surged to a record high in 2023-2024 with over 42 lakh shipments. Total shipments of passenger vehicles from manufacturers to dealers in the last fiscal rose to 42.3 lakh units, up 9 percent, compared to 38.9 lakh units in FY2022-23 on the back of record sales by manufacturers including Maruti Suzuki India, Hyundai Motor. India and Toyota Kirloskar Motor.
The share of sport utility vehicles in total passenger vehicle shipments rose to 50.4 percent in the last budget, compared to 43 percent in 2022-2023. “This is the first time that passenger vehicle sales have crossed the 40,000 mark in the country… A significant part of the growth that has happened is in the SUV segment,” Maruti Suzuki India Executive Committee, Shashank Srivastava told reporters here.
The Sports Utility Vehicle segment witnessed year-on-year growth of 28 percent; hatchback by 12 percent; Sedans by 6 percent while MPVs (multi-purpose vehicles) grew by 19 percent and vans by 6.5 percent in the last fiscal, he said. However, he said the industry is expected to see “single digit” sales growth in the current fiscal due to the high base effect of the financial year ending March 31, 2024.
Maruti Suzuki India reported its highest ever annual domestic sales of 17,93,644 units and record exports of 2,83,067 units in fiscal 2023-24. The company saw its SUV market share double to 22% in the last fiscal from 11% in the year-ago period, Srivastava said.
He noted that the company missed out on SUVs that make up 25% of total sales due to chip shortages for several months. “We recognized the fact that strengthening the SUV segment is important to break through the 50% market share in the passenger vehicle segment,” Srivastava said. The company’s utility vehicle sales in the last budget increased to 6,42,296 units from 3,66,129 units in 2022-23. MSI also reported its best ever exports in the last fiscal with 2,83,067 units.
Rival Hyundai Motor India posted its best-ever sales at 7,77,876 units for 2023-24, up 8 percent, over 7,20,565 units in fiscal 2022-23. In the domestic market, the carmaker shipped 6,14,721 units to its dealers, an increase of 8 percent, compared to 5,67,546 units in 2022-2023.
Toyota Kirloskar Motor also reported its highest ever wholesale sales of 2,63,512 units in the last fiscal, up 48%, from 1,77,683 units in 2022-23. Toyota Kirloskar Motor (TKM) Vice President, Used Car Sales-Service Business, Sabri Manohar said the company has always remained ahead in appreciating and understanding the varied needs of diverse customers and market trends, and serving them in the best way with a wider range of quality products. and services.
“We will continue to do so with an emphasis on meeting rising consumer demands across sectors. Moreover, energizing our customer center will be our focus to get even closer to our customers on both the product and service fronts by improving customer touch points,” Manohar said.
Mahindra & Mahindra reported a 28% increase in wholesale of passenger vehicles at 4,59,877 units as against 3,59,253 units in FY 2022-23. Tata Motors said its passenger car sales stood at 5,73,495 units, up 6% from 5,41,087 units in FY2022-23. “In FY24, the company’s passenger vehicles (including electric vehicles), posted its third consecutive year of highest ever sales with wholesale sales at 5,73,495 units (up 6% over FY23) and retail sales growing around 10% over FY23 , Tata Motors Managing Director Passenger Vehicles Shailesh Chandra stated. He added: “Going forward, we expect demand for passenger cars to remain strong, although the high base effect may keep the growth rate in the single digits.” In the two-wheeler segment, TVS Motor Company reported its highest ever sales of 41.91 lakh units in FY 2023-24, a growth of 14% compared to 36.82 lakh in 2022-23. Suzuki Motorcycle India reported its highest ever sales of 11,33,902 units in 2023-24, a growth of 21% from 9,38,371 units in 2022-23. Royal Enfield reported 14 percent year-on-year growth in domestic sales last financial year at 8,34,795 units as against 7,34,840 units in the financial year 2022-23. PTI
Posted: April 1, 2024, 8:58 PM IST
Download the Money9 app for the latest updates on personal finance.
