The Indian automobile market grew by 7.3% in the first half of 2024
- The Indian automobile market for passenger cars was clearly influenced in April-May 2024 by the holding of the legislative elections which took place from April 19 to June 1.
- The market, however, recovered well in June and had anticipated this drop in April-May since March because the month of March was euphoric, having reached a level never reached before, of around 475,000 sales. of passenger cars, which represents an annual rate of 5.7 million units, which India has never reached anywhere near. In 2023, the Indian automobile market represented 4.1 million passenger cars and this was a record for the country.
- Thanks to its good performance recorded in March and June, the Indian automobile market for passenger cars grew by 7.3% in the first half of 2024, to 2,161,507 units compared to 2,014,329 units in the first half of 2023, which is equivalent to an annual rate of 4.4 million units (for the record: first half of 2023/first half of 2022 = +10.0%).
- Suzuki (marketed in India under the Maruti brand) remains largely the Indian market leader, with 42% market share, a stable share compared to last year. This manufacturer perfectly responds to local demand for A and B segment sedans and SUVs. Indian competitors (Tata, Mahindra) have never been able to gain share from Suzuki-Maruti. If they occupy 25% of the market in 2024 compared to 24% in 2023, it is because they have taken share from foreign manufacturers who represent 33% of the market in 2024 compared to 34% in 2023.