New Delhi, Jan 2 || Driven by rising private consumption and disposable incomes, India saw vehicle retail sales increase by at least 9 per cent in 2024 (year-on-year) to cross 26 million units.
This surpasses the pre-Covid peak of 25.4 million units in a single year in 2018.
Industry experts said that the key aspects to watch out in 2025 will be government’s focus on infrastructure spend and growth in end use segments, which will augur well for the commercial vehicles industry.
“Looking ahead, we expect demand to improve in Q4 FY25 across most segments of the commercial vehicle industry,” said Girish Wagh, Executive Director, Tata Motors Ltd.
According to the Federation of Automobile Dealers Associations (Fada), they are optimistic about 2025, especially with multiple launches lined up, and expect the electric vehicle (EV) sector to perform well.
In 2024, EV sales reached 1.95 million units, up from 1.5 million in 2023. EV penetration also went up to 7.5 per cent, compared with 6.39 per cent in the previous year.