At Rs. 4.5 lakh crore, the passenger car market in India has been growing at a faster rate than volume, and this trend is expected to continue as a result of the influx of new models, with EVs leading the way because of their higher realization. Analyst estimates suggest that carmakers stand to gain between 25,000 to 30,000 crore in additional income from the sales of new models.

 

Mumbai: Riding on the success of the previous two years, automakers plan to introduce over two dozen new automobile models in 2024 as part of the shift to electric vehicles. These models will either be presented or put on sale. In the non-luxury market, this will be the most new model released in recent memory. In addition to electric cars (EVs), they will have updates to current models.

 

For automakers, new launches typically contribute 8–10% of overall volume growth. This might result in an incremental volume of 250,000–300,000 units, pushing the domestic aggregate to a record 4.3–4.4 million units the following year. In that case, it would be the third year in a row that passenger car sales have reached a record high. Valued at Rs 4.5 lakh crore, the passenger car industry in India has been growing at a faster rate than volume, and this trend is expected to continue as a result of the influx of new models, with EVs leading the pack because of their higher realization. Analyst estimates indicate that carmakers stand to gain between Rs 25,000 and Rs 30,000 crore in additional income from the sale of new models.Within the next 12 to 16 months, the top five carmakers by sales will each release at least one electric car model, in addition to sport utility vehicles (SUVs) powered by internal combustion engines (ICEs). This will challenge Tata Motors' hegemony by growing the EV market and providing consumers with more options. The business owns about 65% of the emerging EV market in India. Market leader Maruti Suzuki India will debut the new generation Swift,  which was on display at the Tokyo Mobility Show earlier this year, together with a  new Dzire in 2022 and 2023, keeping up the pace of new model introductions. The Japanese 

automaker's first electric vehicle, the EvX, will be unveiled with greater significance. Using its Nexa dealerships, Maruti will market the model at the upper end of the market (above Rs 20 lakh).  It will probably go on sale in early 2025 or in the second half of 2024. With the assistance of  Maruti's Fronx, Jimny, and Grand Vitara as well as Hyundai's Exter, new models have contributed  287,000 units to sales thus far in the fiscal year. The largest increase in volume from new models occurred in FY17, accounting for 586,000 units of additional volume. They saw a multi-year high of 19.8% in their percentage of total volume that year, primarily due to the introduction of Maruti's Brezza and Baleno models. In the first half of next year, Hyundai Motor India, which now offers the Ioniq EV in the super-premium class, will launch the electric Creta into the more affordable market. Hyundai will also release updated iterations of the SUVs Creta, Tucson, and  Alcazar. Kia will introduce the EV9 alongside the next-generation Carnival.To strengthen its position, Tata Motors plans to release electric Punch and Safari models in 2024.  It will also introduce the new Curvv, with the ICE version coming out in 2024 and the EV version following in 2025. The electric variant of the XUV 700, the XUV e.8, will be released by Mahindra  & Mahindra. Along with a five-door Thar, it will also introduce an upgraded XUV400 and a new generation XUV300. Next year, Skoda Volkswagen Auto India's Enyaq iV will make its electric vehicle debut. For a few months now, the business has been testing the model for the Indian market. In response to increasing rivalry in the market, the local Nissan and Renault operations,  which haven't seen much product action in recent years, will unveil mid-size SUV offers.

 

Next year, Skoda Volkswagen Auto India will launch the Enyaq iV, an electric vehicle.  The last few months have been spent by the corporation testing the model for the Indian market.  The local branches of Nissan and Renault, which haven't released many new products in recent years, plan to launch mid-size SUVs in response to the increasing competition in the market.

 

According to Jay Kale, an auto analyst at Elara Capital, new model releases have historically accounted for about 8% of the total PV industry volumes in any given year. Since new model launches have grown at a faster rate than the industry rate, new models account for the majority of the incremental growth rate.