Automobile News: India’s Car Retail Sales Made History by Surpassing 40 Lakh Mark in 2024

Automobile News: India’s automobile industry reached a historic milestone in 2024 when retail car sales surpassed 40 lakh for the first time. According to the Federation of Automobile Dealers Associations (FADA), 40.73 lakh cars were sold, up 5.18% from 38.73 lakh units in 2023. Despite issues like harsh weather, elections, and exceptional rains, the retail automotive industry grew by 9.11%. The introduction of new models, network expansion, market discounts, and rising customer demand all contributed to growth, while the commercial vehicle industry remained largely stable. Looking ahead, the industry estimates that car sales will top 45 lakh units by 2025.

India Car Sales 2024

The two-wheeler segment also saw a significant increase, with retail sales increasing by 10.78% to 1.89 crore units, but still below the pre-COVID peak of 2.1 crore in 2019. This segment appears to be on track to approach pre-pandemic levels in the near future, thanks to rising demand and a growing emphasis on electric vehicles. FADA President C.S. Vigneshwar voiced optimism about the industry’s future, citing the possibility of growing market penetration of electric vehicles, indicating a transformative shift in India's automobile sector.