Despite facing challenges in the global automotive industry, Hyundai has continued its strong performance, particularly in the domestic market. The company reported its highest-ever yearly domestic sales, maintaining a solid growth trajectory over the past three years.
In this article, we delve into Hyundai’s performance for the year 2024, highlighting key metrics, trends, and the factors contributing to its success, along with an overview of sales for the month of December 2024.
Hyundai Annual Sales Overview (CY 2024)
Hyundai’s sales in 2024 have showcased its continued dominance in the Indian market, despite some headwinds faced by the industry. The total sales for the year stood at 7,64,119 units, which represents a slight decline of 0.22% when compared to 7,65,786 units sold in 2023. However, the real story lies in its domestic sales, which reached a record high.
Key Highlights for CY 2024:
- Domestic Sales: 6,05,433 units, marking a 0.55% increase over 6,02,111 units in 2023.
- Exports: 1,58,686 units, down 3.05% from 1,63,675 units in 2023.
- SUV Contribution: Hyundai’s SUVs accounted for a record 67.6% of its domestic sales.
- CNG Models: CNG-powered vehicles contributed 13.1% of the total domestic sales, reflecting increasing customer demand for fuel-efficient options.
The Hyundai Creta continued to be a standout performer, registering its highest-ever domestic sales of 1,86,919 units in 2024, reinforcing its position as a customer favourite in the SUV category.
Hyundai December 2024 Sales Performance
In December 2024, Hyundai faced a slight dip in total sales compared to the same month in the previous year. The company recorded total sales of 55,078 units, a decline of 2.4% from 56,450 units in December 2023. The decline was primarily driven by a fall in export numbers, although domestic sales remained relatively stable.
December 2024 Sales Breakdown:
- Domestic Sales: 42,208 units, down by 1.3% from 42,750 units in December 2023.
- Export Sales: 12,870 units, a decrease of 6.1% from 13,700 units in the previous year.
Despite these declines, the figures underscore Hyundai’s consistent presence in both the domestic and export markets, even amidst market fluctuations.
Quarterly Performance: Q4 2024
The fourth quarter of 2024 saw a 2.39% decline in total sales, with Hyundai registering 1,86,408 units compared to 1,90,979 units in Q4 2023. The quarterly sales consisted of both domestic and export numbers, with a slightly higher decline in exports than in domestic sales.
Q4 2024 Sales Breakdown:
- Domestic Sales: 1,46,022 units, down 0.89% from 1,47,329 units in Q4 2023.
- Export Sales: 40,386 units, down 7.48% from 43,650 units in Q4 2023.
The decline in export sales during Q4 was primarily attributed to external market conditions, yet Hyundai’s performance in the domestic market remained relatively robust.
SUV and CNG Trends
SUV Dominance:
Hyundai has firmly established itself as a leader in the SUV segment in India. In 2024, SUVs contributed to 67.6% of the company’s domestic sales, a record high. This is a significant increase in market share, reflecting the growing consumer preference for SUVs. Among Hyundai’s SUV lineup, the Creta continued to outperform, with the highest-ever domestic sales of 1,86,919 units. The growing demand for SUVs is a key contributor to Hyundai’s overall success in 2024.
CNG Adoption:
CNG-powered models also gained traction in 2024, with 13.1% of Hyundai’s domestic sales coming from CNG variants. This marks an increase from 10.4% in 2023, indicating a rising preference for fuel-efficient and environmentally-friendly vehicles. Hyundai’s introduction of Hy-CNG Duo technology in 2024 resonated well with buyers, making CNG vehicles an increasingly important part of their sales strategy.
2024 Performance Summary Table
| Category | CY 2024 | CY 2023 | % Change |
|---|---|---|---|
| Total Sales (Domestic + Export) | 7,64,119 units | 7,65,786 units | -0.22% |
| Domestic Sales | 6,05,433 units | 6,02,111 units | +0.55% |
| Export Sales | 1,58,686 units | 1,63,675 units | -3.05% |
| SUV Contribution (Domestic) | 67.6% | N/A | N/A |
| CNG Contribution (Domestic) | 13.1% | 10.4% | +2.7% |
| Hyundai Creta Domestic Sales | 1,86,919 units | N/A | N/A |
| Category | December 2024 | December 2023 | % Change |
|---|---|---|---|
| Total Sales (Domestic + Export) | 55,078 units | 56,450 units | -2.4% |
| Domestic Sales | 42,208 units | 42,750 units | -1.3% |
| Export Sales | 12,870 units | 13,700 units | -6.1% |
| Category | Q4 2024 | Q4 2023 | % Change |
|---|---|---|---|
| Total Sales (Domestic + Export) | 1,86,408 units | 1,90,979 units | -2.39% |
| Domestic Sales | 1,46,022 units | 1,47,329 units | -0.89% |
| Export Sales | 40,386 units | 43,650 units | -7.48% |
Conclusion: Outlook for 2025
Hyundai’s performance in 2024 has solidified its position in the Indian automotive market, driven by strong domestic sales and its dominance in the SUV segment. Despite the slight dip in export sales and a marginal decline in overall figures, Hyundai’s strategic focus on fuel-efficient CNG models and the continued success of its SUVs, particularly the Hyundai Creta, have ensured sustained growth.
As the automotive industry continues to evolve with the shift towards electric mobility and environmentally-friendly technologies, Hyundai’s upcoming Creta Electric and its continued push into the CNG market will likely keep the brand well-positioned for growth in 2025.
