As the final curtain falls on 2023, the Indian automotive landscape revs up for a year of excitement, innovation, and record-breaking sales. The stage is set for over two dozen new car models to make a grand entrance, reshaping the market dynamics and setting the tone for a historic year.
Unveiling a Diverse Fleet: 2024 is all set to witness the grand reveal of more than 24 new car models, a dazzling array that goes beyond traditional facelifts. Embracing the winds of change, automakers are gearing up to launch cutting-edge electric vehicles (EVs) alongside refreshed versions of beloved classics.
Record-Breaking Potential: The introduction of new models typically injects 8-10% of total volume growth, translating into a whopping 250,000-300,000 units of additional volume. If the projections hold, this would mark the third consecutive year of record-breaking sales volume for passenger vehicles, propelling the industry to new heights.
Electric Dreams Come True: Leading the charge towards sustainable mobility, major players like Maruti Suzuki India, Hyundai, Tata Motors, and more are readying their electric offerings. This strategic move not only aligns with global trends but also challenges the dominance of established players in the EV market.
Maruti Suzuki’s Star-Studded Lineup: Market leader Maruti Suzuki India is set to steal the spotlight with the launch of the new generation Swift, a revamped Dzire, and the eagerly anticipated EvX—the brand’s first foray into the EV segment. Positioned in the premium market (INR 20 lakh plus), the EvX is expected to hit showrooms in the latter half of 2024 or early 2025.
Hyundai’s Electrifying Expansion: Hyundai Motor India, a trailblazer in the EV space, is expanding its electric portfolio by introducing the electric version of the Creta in the first half of 2024. Facelifted versions of the Creta, Tucson, and Alcazar SUVs are also in the pipeline.
Tata Motors’ Electrifying Moves: Tata Motors aims to reinforce its position by unveiling electric versions of the Punch and Safari in 2024. Additionally, the spotlight will shine on the new Curvv—available in both internal combustion engine (ICE) and EV versions—scheduled for launch in 2024 and 2025, respectively.
Mahindra’s Power-packed Lineup: Mahindra and Mahindra are revving up with the launch of the XUV e.8, the electric counterpart of the XUV 700. The lineup also includes an updated XUV400, a new-generation XUV300, and a five-door Thar, promising a power-packed year for the brand.
Skoda Volkswagen’s EV Debut: Skoda Volkswagen Auto India is making its entry into the EV segment with the Enyaq iV, currently in the testing phase. As part of the response to heightened competition, local units of Nissan and Renault are set to introduce mid-size SUV offerings.
As the auto industry steps into 2024, the fervor of new launches is expected to catapult the Indian passenger vehicle market to unprecedented heights, marking a triumphant year for manufacturers.
