Carmakers to Launch 81 New Car Models in FY24
Auto Industry Prepares for a Boom in New Car Launches, Including EVs
The Indian automobile industry is gearing up for a significant boost in new car launches in the fiscal year 2024, with a total of 81 new models planned for release, according to JATO Dynamics, an auto intelligence firm. These new car models will include both electric vehicles (EVs) and conventional internal combustion engine (ICE) cars. The surge in new car launches comes as carmakers attempt to keep up with changing consumer preferences and emerging sub-segments within the SUV category.
JATO Dynamics estimates that 54 of these new models will feature full-model changes, facelifts, or new platforms. The remaining 27 models will have minor changes to external features such as grilles, taillights, and headlights. Some of the changes will include major facelifts, generation changes, and the introduction of brand-new nameplates.
The increase in new car launches is a significant development for the Indian auto market, representing a more than 50% increase over the previous year. The industry's boom is set to reshape the consumer landscape as wages rise in tandem with economic expansion and new sectors develop, having substantial ramifications for automobile manufacturers.
According to senior executive director of Maruti Suzuki India Ltd, Mr. Shashank Srivastava, the industry is predicted to have a total of 6 million vehicles by 2030, with 1 million of them being EVs. This shift towards EVs indicates a growing trend towards environmentally friendly vehicles and a shift away from traditional ICE cars.
The Indian automobile industry is set for a significant boost with the planned release of 81 new car models in the fiscal year 2024, including both EVs and ICE cars. The increase in new car launches is indicative of changing consumer preferences and emerging sub-segments within the SUV category. The shift towards EVs signals a growing trend towards environmentally friendly vehicles and a move away from traditional ICE cars. This development is set to reshape the consumer landscape and have substantial ramifications for automobile manufacturers in India.
This boom in new car launches is set to reshape the consumer landscape and have substantial ramifications for automobile manufacturers.