Honda Cars India registers 20% growth in 2024 sales; Exports drive strong performance

Honda Cars India Ltd (HCIL) closed the calendar year 2024 with a 20% growth in total sales, selling 1.32 lakh units compared to 1.10 lakh units in 2023. This growth was largely driven by exports as the domestic market faced challenges.

HCIL reported an 18.5% decline in sales volumes in the domestic market in 2024 amid slow growth in the Indian passenger vehicle market, with uneven demand across segments.

Domestic sales reached 5,603 units in December 2024, a 35% increase from 4,153 units in December 2023.

Exports Drive Growth

In contrast to domestic performance, HCIL achieved its highest-ever export numbers in 2024, with 63,221 units shipped, a 145% jump from 25,854 units in 2023. This growth was mainly driven by the Honda Elevate, which performed well in international markets.

In December 2024, exports stood at 3,857 units, showing a 2.8% growth over 3,749 units in December 2023.

2024 vs. 2023: Key Performance Metrics

•            Total Sales: 1,31,871 units (2024) | 1,10,143 units (2023) — 20% growth

•            Domestic Sales: 68,650 units (2024) | 84,289 units (2023) — 18.5% decline

•            Export Sales: 63,221 units (2024) | 25,854 units (2023) — 145% growth

Kunal Behl, vice president of marketing and sales at HCIL, said 2024 was a year of contrasts for the automotive industry. While domestic demand faced challenges, the focus on exports delivered strong results.

"2024 presented challenges in domestic demand, but our focus on exports, led by the Honda Elevate, drove significant growth. We achieved our highest-ever export numbers, contributing to a 20% increase in overall sales and strengthening India’s role as a global key manufacturing hub for Honda. With the launch of the new Amaze and a strong commitment to the market, we are optimistic about 2025."

The Honda Elevate SUV, launched in 2023, continued to contribute to Honda’s sales strategy. Its steady demand in domestic and international markets played an important role in the company’s overall performance.

The company claimed that the recent launch of the 3rd Generation Honda Amaze in the final quarter of 2024 received a good customer response. That gave early signs indicating strong demand, positioning the model for better sales growth in 2025.

With exports driving growth and new models like the 3rd Generation Amaze likely to improve domestic sales, Honda hopes to stem its loss of market share and grow again.

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