SUV demand puts Dec PV sales in the fast lane

● Sales hit 4.3 million in 2024, marking 4.8% growth

- RAGHAV AGGARWAL

DRIVEN BY ROBUST demand for sports utility vehicles (SUV), passenger vehicle (PV) sales - dispatches from manufacturers to dealers - in December stood at 320,000 units, up 14% year-on-year, marking a strong end to 2024.

Of the five leading automakers - Maruti Suzuki, Hyundai Motor India, Tata Motors, Mahindra & Mahindra, and Toyota Kirloskar - which reported their sales number on Wednesday, only Hyundai reported a decline of 1.3%, while Tata Motors reported a low single-digit growth of 2%.

For the 2024 calendar year, PV sales reached approximately 4.3 million units, up 4.8% from 4.1 million in 2023. The SUV segment has been instrumental in this growth, with its share of total PV sales climbing to over 55% at the end of December compared to less than 50% at the end of March this year.