Indian Economy News

Indian automobile industry grows 19% to US$ 122.53 billion (Rs. 10.22 lakh crore) in FY24: Report

  • IBEF
  • June 20, 2024

In FY24, the Indian automobile industry surged by 19% to reach US$ 122.53 billion (Rs. 10.22 lakh crore), driven significantly by growth in the utility and sports utility vehicle (SUV) segment, as reported by Primus Partners, a management consulting firm. The vehicle volume increased by 10% annually, underscoring robust consumer demand.

Notably, the UV and SUV segment experienced a remarkable 23% increase in volume and a 16% rise in average prices, resulting in a substantial 39% growth in overall segment value. This price uptick was influenced by general inflationary pressures, a preference for higher-end vehicle segments, the adopting of hybrid and automatic models, the appeal of sunroof-equipped vehicles, and a gradual shift towards electric vehicles (EVs). The trend reflects Indian consumers' inclination towards more feature-rich and higher-priced vehicle options across various segments.

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