Car sales growth in India at 4-year low amid pressure on urban markets
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While some automakers expressed optimism about the 5% growth rate given the high sales base of previous years, others are bracing for continued challenges in the year ahead. «The industry now hopes for incentives in the budget, and feels that a cut in income tax rates – if it happens – will fuel consumption,» a company executive said.
Car sales: Urban weakness and pricing pressures
Demand was lackluster for much of 2024, forcing automakers to rely on aggressive price cuts and discounts to boost sales, particularly toward the end of the year. Rising car prices—caused by the implementation of stricter safety and emission regulations in recent years—have negatively impacted vehicle affordability. This trend has added to the pressure on urban sales, where growth has been slow.
Maruti Suzuki: A record year despite challenges
Despite the overall slowdown, Maruti Suzuki achieved its best-ever annual sales in 2024, benefiting from robust rural demand. The company sold 17.9 lakh units in 2024, up from 17.4 lakh in 2023.
«We have managed to realise growth across segments, and not just in SUVs where we now have a share of 27%,» said Partho Banerjee, Senior Executive Officer (Marketing & Sales).
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