India’s passenger car market, valued at INR 4. Five lakh crores have been outpacing quantity growth and the trend is in all likelihood to retain with the spate of new models led by way of EVs, which enjoy advanced recognition. Carmakers will in all likelihood clock INR 25,000-30,000 crore of incremental revenue from new model sales, in keeping with analyst estimates.
Mumbai: More than two dozen new car models might be unveiled or passed on sale in 2024 as automakers journey at the momentum of the past two years
and launch new battery-run motors as a part of the transition to electric. This will be the highest range of the latest model introductions inside the nonluxury section within the last few years. Besides electric automobiles (EVs), they will encompass facelifts of present fashions.
New launches usually add 8-10% of the general quantity boom for automakers, potentially translating into 250,000-300,000 gadgets of incremental quantity, taking the domestic aggregate to a file four. Three-four. Four million devices subsequent yr. That might make it the 0.33 straight year of file annual income volume for passenger cars.
India’s passenger car marketplace, valued at INR four. Five lakh crores have been outpacing the quantity boom and the trend is likely to continue with the spate of the latest models led by EVs, which enjoy an advanced consciousness. Carmakers will likely clock INR 25,000-30,000 crore of incremental revenue from new model income, in step with analyst estimates. In addition to internal combustion engine (ICE) driven sport utility vehicles (SUVs), the top 5 carmakers using income will introduce at least one electric automobile version within the next 12 to sixteen months. That will expand the EV market, giving shoppers extra options, and hard the dominance of Tata Motors. The company controls more than 65% of India’s nascent EV marketplace.
Continuing with the pace of new version launches in 2022 and 2023, marketplace leader Maruti Suzuki India will introduce brand-new technology Swift, showcased at the Tokyo Mobility Show in advance this year and a new
Dzire. The maximum giant release with the aid of the Japanese carmaker, will be the EvX, its first EV presenting. To be positioned on the top rate stop of the market (INR 20 lakh plus), Maruti will sell the version through its Nexa dealerships. It’s probably to move on sale within the second half of 2024 or early 2025.
On a financial 12 months-to-date basis, new fashions have contributed 287,000 devices, helped through Hyundai’s Exter, and Maruti’s Fronx, Jimny, and Grand Vitara. The highest addition to extent from new models passed off in FY17 after they contributed 586,000 units of incremental quantity. Their
share of overall extent rose to a multi-year excessive of 19.8% that year, particularly propelled by the release of Maruti’s Brezza and Baleno fashions.
Hyundai Motor India, which already sells the Ionic EV in the super-premium phase, will input the low-priced part of the marketplace with the electric-powered model of the Creta in the first half of next year. In addition, Hyundai will introduce facelifted versions of the Creta, Tucson, and Alcazar SUVs. Kia will release the EV9 similarly to the brand-new generation Carnival.
Seeking to cement its position similarly, Tata Motors will introduce electric versions of the Punch and Safari in 2024. Additionally, it’s going to also release the new Curvv – the ICE version in 2024 and the EV in 2025.
Mahindra and Mahindra are set to launch the XUV e.8 – the electric version of the XUV 700. It may also launch an up-to-date XUV400 and a new-generation XUV300 further to a 5-door Thar.
Skoda Volkswagen Auto India will input the EV segment with its Enyaq iV in the next 12 months. The agency has been testing the version for the Indian marketplace for some months. The nearby Nissan and Renault units, which haven’t visible an awful lot of product action in the past few years, will introduce mid-size SUV offerings in response to heightening opposition within the
phase.