IN OVERDRIVE

The growth path that India's automotive sector has been hurtling along all through 2023 is going to extend into the new year as well

- Ashish Sinha

INDIA’S AUTO sector is racing along the growth highway. Over a dozen-and-half new cars, bikes, enhanced variants of existing bestsellers (cars and two-wheelers) are expected to be launched in the first half of 2024, in line with the greater consumer pull for SUVS, MUVs and EVs.

As many as 16-18 upcoming launches are in the pipeline in the Rs 10-15 lakh price range in the first three months of 2024 in the four-wheeler segment alone. Among these are the Bolero Neo Plus, Punch EV, Creta 2024, Stargazer, Curvv, Next-Gen Swift and the Thar 5-door that are keenly awaited. The middle months are expected to see new car launches from carmakers including Maruti Suzuki, Tata Motors, BYD, Mahindra, Hyundai, Nissan, Renault and Toyota, among others.

The carmakers have been buoyed by the November sales data that highlights the remarkable growth of the passenger vehicle segment. Maruti Suzuki India, the nation’s largest carmaker, sold almost as many vehicles in the domestic market as those by Hyundai Motor India, Tata Motors, and Mahindra & Mahindra combined.

November recorded an unprecedented volume of 335,354 units, growing 3.95 per cent over 322,600 units sold in the same month last year — a record in its own right. Notably, each of the preceding months of 2023 recorded their highest-ever volume, making it a year of unprecedented success.