As the demand for SUVs and MPVs continues to surge in India, automakers have significantly increased the production of their popular models. In the initial ten months of the fiscal year 2024 (April-January), a remarkable total of 2,061,075 utility vehicles (UVs) have already been sold, reflecting a substantial 25 percent year-on-year growth.
Eight Models Leading the Charge
Eight distinct models have emerged as frontrunners in this thriving market. Among these, three belong to Maruti Suzuki (Brezza, Ertiga, Fronx), two are from Hyundai (Creta, Venue), two from Tata Motors (Nexon, Punch), and one from Mahindra (Scorpio). Each of these models has surpassed the milestone of selling over 100,000 units since April 2023, collectively constituting an estimated 48 percent of the total 2 million UVs sold during this period. Notably, the Tata Nexon, Maruti Brezza, and Hyundai Creta have individually surpassed 130,000 units in sales, engaging in a competitive battle for the title of India’s bestselling SUV in FY2024. With two months remaining in FY2024, the race for the top spot appears to be fiercely contested.
Tata Nexon Aiming for a Third Consecutive Win
Nexon Aiming for the Top Spot for the Third Consecutive Year As of the end of January 2024, with estimated wholesales reaching 1,43,244 units, the Tata Nexon leads the pack with a margin of 3,726 units over the Maruti Brezza (1,39,518 units) and 12,205 units over the Hyundai Creta (1,31,039 units). The Nexon secured the title of India’s bestselling SUV in FY2022 from the Creta and maintained its position through FY2023.
Launched in September 2017, the Tata Nexon has witnessed phenomenal success, selling a total of 6,29,083 units. It became the first model in Tata Motors’ lineup to surpass 600,000 units in domestic market sales. In a little over six years, it has contributed significantly, accounting for 29 percent of Tata Motors’ passenger vehicle sales, exceeding 2.14 million units. The Nexon's success can be attributed to Tata Motors' multi-fuel strategy offering 43 variants across petrol, diesel, and electric options, catering to diverse budgets. Recently, Tata Motors showcased the Nexon iCNG at the Bharat Mobility Expo. Furthermore, the compact SUV's impressive performance in the GNCAP crash test, achieving a 5-star rating for the second time under more stringent protocols, and Tata Motors' price reduction of up to Rs 1,20,000 for the Nexon EV is expected to boost sales in the coming months.
Maruti Brezza Aiming to Reclaim the Crown
The Maruti Brezza, a former four-time bestselling SUV in India (FY2017-FY2020), faced a dip in its ranking in subsequent years. In FY2021, it relinquished the title to the Hyundai Creta, securing the third position in FY2022 and FY2023. Currently, it holds the second position in wholesale rankings for the first ten months of FY2024 with an estimated 1,39,518 units. The Brezza's demand is evident as it crossed the one-million sales milestone in India, achieving the last 1,00,000 units in just eight months. The introduction of the Brezza CNG variant in March 2023 significantly contributed to the surge in sales, countering the competition from the Tata Nexon.
Creta Dominating the Midsize SUV Segment
The Hyundai Creta, India's bestselling midsize SUV, has consistently maintained a strong position. With 1,31,039 units sold in the first ten months of FY2024, it trails behind Nexon and Brezza but is making a determined effort to secure a prominent position. Monthly wholesales of the Creta crossed the 14,000-unit mark four times between April 2023 and January 2024. Following the January 2024 debut of the updated Creta, the numbers decreased to 9,243 in December 2023; however, they later increased to 13,212 units. The last 1,00,000-unit sales were achieved in a brief eight months, indicating sustained demand for this popular Hyundai model. Hyundai's expected UV sales of 3,60,823 units for the previous year included the Creta at a 44 percent share.
Hyundai aims to further increase its SUV contribution to 65 percent in its total volumes in CY2024, already receiving over 51,000 bookings for the new Creta, with a majority for petrol variants.
The race for the top SUV title in this fiscal year is still ongoing, and the results will be revealed with the wholesale data for February and March 2024. Additionally, a surprise contender is emerging – the Tata Punch, available with petrol, CNG, and recently introduced electric power options.