Indian Economy News

Carmakers hit the gas with 81 new model launches this year

The automobile industry is preparing to introduce new car models in FY24, with auto intelligence firm, JATO Dynamics estimating 54 new models with full-model changes, facelifts, or new platforms.

In order to entice customers,  81 new models are planned for FY24, comprising both electric vehicles (EVs) and cars with conventional internal combustion engines (ICE).

Carmakers are scrambling to adapt to changing consumer preferences as SUV sales soar and new sub-segments emerge inside that category.  Car manufacturers are stepping up efforts to introduce new vehicles after many models were phased out last year.

Overall, the Indian auto market is set to boom this year, with 81 new product launches, more than 50% increase over last year.

Minor changes to external features such as grilles, taillights, and headlights, as well as major facelifts, generation changes, and the introduction of brand-new nameplates.

Experts expect alterations in consumer behaviour to reshape the consumer landscape as wages rise in tandem with economic expansion, with new sectors developing that will have substantial ramifications for automobile manufacturers.

According to senior executive director, Maruti Suzuki India Ltd, Mr. Shashank Srivastava, the industry will have a total of 6 million vehicles by 2030, of which 1 million will be electric vehicles.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.