2024 Vehicle Sales of India

India’s automobile sales in 2024 (wholesale data by SIAM) increased by 2.9% from the previous year to 5,226,631 units, setting a record high for the third consecutive year and maintaining its third place in global sales following China and the United States. The market expansion is driven by the rising number of car buyers as income increases thanks to economic growth. On the other hand, considering that the growth rate has slowed compared to the previous year’s 7.5% and that excessive inventory at dealers became a problem in the fourth quarter of 2024, the Indian automobile market may have hit a plateau at around 5 million units.