Key Points
In FY24, a total 4.23 million passenger vehicles were sold in India, rising 8.7% from 3.89 units the previous year, which was also a record...
NEW DELHI : Rural India emerged as the driving force behind the record-breaking sales of passenger vehicles in FY24, which crossed the 4-million-mark for the first time in a year, despite the demand for hatchbacks that have typically dominated car purchases in the countryside continuing to slide..
One in every two of these vehicles sold last fiscal year was a sports utility vehicle, or an SUV, a segment that saw the sharpest growth of 28% in FY24, while sales of hatchbacks, or small, mini or compact cars, accounted for 28% of the industry's total sales, declining 12% from the year before..
Major passenger vehicle original equipment manufacturers (OEMs) saw all-time-high sales in their rural markets in FY24, overtaking urban markets where SUVs are highly preferred..
. Garg said that rural sales for Hyundai, for which SUVs account for over 60% of its total sales, reached a record 19.44% in FY24, up from the previous year's 18%..
