Indian Automotive Market Insights: December 2024 Sales Report

A major shift is underway in India's automotive landscape, as the sector continues to adapt to increasing demand for sustainable and technologically advanced vehicles. Hyundai Motor India takes the lead at the forefront of this change, while other major players like Mahindra & Mahindra, Toyota Kirloskar Motor, and MG Motor India show varied results.

Hyundai Motor India dominated the sales charts, achieving a record-breaking domestic sale of 6.05 lakh units in 2024, with SUVs making up a significant 67.6% of these sales. Hyundai's most popular model, the Hyundai Creta, topped the list with 1.86 lakh units sold, a testament to the model's broad appeal to customers across India. Of note, the company saw 13.1% of its domestic sales come from CNG vehicles, which has led Hyundai to focus on the growing demand for eco-friendly options.

In contrast, rival companies had mixed results in December 2024. Mahindra & Mahindra reported an 18% YoY growth in domestic wholesales, largely driven by a significant 22% rise in SUV and tractor sales. However, this rise was not enough to surpass Hyundai's sales figures. MG Motor India, on the other hand, recorded a remarkable 55% YoY growth in December sales, led by a surge in electric vehicle sales. The MG Windsor was at the forefront of this momentum, retaining its top spot in India's passenger vehicle EV sales market for the third consecutive month. Meanwhile, Bajaj Auto saw a decline of 19% in domestic sales but reported a 15% growth in exports, highlighting the ongoing value of the Indian automotive industry in the global market

Toyota Kirloskar Motor rounded out the month with a 29% overall growth in sales, including a 24% rise in domestic sales and a substantial 48% increase in exports. The overall health of the market seems to be improving, driven by customer appetites for quality products like Hyundai's updated Creta, announced in January 2024. The model is expected to further evolve in 2025 with the showcase of Hyundai Creta EV at the 2025 Bharat Mobility Global Expo. The highlight of the EV version will be a dual-screen setup and advanced Level-2 ADAS features, showing the push towards cutting-edge technology.

The conclusion of 2024 marked a significant shift toward sustainable and technologically advanced vehicles, cementing Hyundai's position as a top player in the market. With the future set to focus on innovative designs, reduced emissions, and improved performance, we can expect to see more competitors entering the field, striving to stay on pace with customer preferences and competing with Hyundai's sales momentum.