The automotive sector in India exhibited remarkable flexibility and growth in February 2024, driven by factors such as consumer demand, new model launches, and attractive discounts and benefits offered by manufacturers. This sector is vital to the country's economy, and the state of the economy is usually indicated by the performance of this industry. The industry success has been mostly attributed to its ability to adapt to changing consumer preferences and market dynamics.
Car Sales February 2024 – Maruti Suzuki Leads
Maruti Suzuki continued its dominance, selling 1,60,272 units in February 2024, marking an 8.7% increase from the same period last year. Despite a 3.9% decline in month-on-month sales, Maruti Suzuki maintained a market share of 43.1%.Sales of the company were mostly driven by its UV portfolio, even if the small and compact sectors saw a decrease. Maruti's steady performance highlights its excellent brand recognition and dedicated client base.
Car Sales Feb 2024 vs Feb 2023 – YoY performance
Tata Motors secured the second position with 51,270 units sold, recording a robust 19.6% year-on-year growth. This performance outpaced Hyundai Motors by 1,000 units. While there was a 4.4% month-on-month decline, Tata Motors saw an improvement in market share to 13.8% from 12.8% year-on-year. The corporation brought in a significant number of customers with its array of electric vehicles. Tata has been more popular in the industry due to its emphasis on electric cars and environmentally friendly transportation solutions.
Hyundai India Sales Performance
Hyundai India sold 50,201 units in February 2024, reflecting a 6.9% year-on-year growth. However, there was a 12.1% month-on-month decline. The Creta facelift increased sales, and the impending Creta N Line launch is expected to even more strengthen Hyundai's position in the market. Hyundai is a popular option among Indian consumers due to its reliable performance and robust product line.
Mahindra and Toyota Sales Growth
Mahindra and Toyota recorded significant year-on-year growth, with Mahindra selling 42,401 units (a 40.3% increase) and Toyota selling 23,300 units (a 52.6% increase). Mahindra's diverse portfolio and Toyota's varied offerings contributed to their increased sales. Toyota also saw a slight month-on-month improvement in sales. Mahindra's focus on utility vehicles and Toyota's reputation for reliability and durability have resonated well with Indian buyers.
Market Share Comparison
Kia's sales declined both year-on-year and month-on-month to 20,200 units, reducing its market share to 5.4% from 7.4% year-on-year. The Sonet, Carens, and Seltos were the top sellers for Kia, primarily due to their low maintenance costs. Kia plans to increase output to keep up with the rising demand. Despite the decline in sales Kia remains optimistic about its future prospects in the Indian market.
Sub-10,000 Units Sales
Honda recorded sales of 7,142 units in February 2024, a 17.4% year-on-year growth. However, month-on-month sales fell by 17.7%. Honda was able to succeed because of the City Amaze and Elevate. Honda has been able to sustain a stable growth position despite market limitations because of its robust product selection and commitment to customer happiness.
MoM Performance Comparison
MG posted 4,532 unit sales in February 2024, an 8.1% year-on-year and 18.5% month-on-month growth. Renault's sales of 4,080 units saw a 38.3% year-on-year decline but a 6.6% month-on-month improvement. Sales are expected to improve with the launch of the new Duster later this year. Future sales growth is probably going to be driven by Renault's strategic goals and MG's creative approach.
In February 2024, major companies in the Indian automobile industry showed development and indicating the sector's continued promise. Throughout many obstacles the industry's performance is indicative of a brighter economic future with sustained innovation and customer-focused methods promoting growth. Maintaining this growing momentum will depend heavily on the industry capacity to adjust to shifting customer tastes and market conditions.