Indian Automobile Industry Rides High: A 19% Growth in FY24

The Indian automobile industry experienced substantial growth in FY24, with a 19% increase reaching Rs 10.22 lakh crore. This growth was fueled primarily by the utility and sports utility vehicle segments. Consumer preferences for higher-priced models and general price rises contributed to this trend, despite some declines in other segments.

The Indian automobile industry has recorded remarkable growth in FY24, expanding by 19% to achieve a market value of Rs 10.22 lakh crore. This surge is primarily driven by substantial gains in the utility and sports utility vehicle (SUV) segments, according to a recent report from Primus Partners.

Volume in this segment jumped by 23%, with average prices rising by 16%, ultimately pushing the segment's overall value up by 39% over the last fiscal year. "Consumer preferences for higher, feature-rich models and robust economic fundamentals are driving this transformation in the Indian automobile industry," said Anurag Singh, Managing Director of Primus Partners.

Despite the impressive performance in UVs and SUVs, the passenger vehicle (PV) segment saw a 9% decrease in volume, leading to a 4% value drop. Nevertheless, the two-wheeler segment marked a notable 10% rise in volume and 13% in value, reinforcing India's standing as the world's largest two-wheeler producer with over 20 million units produced last year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)