January 2024 saw significant movements in the sub 4m SUV segment with various models competing for dominance. Tata Motors appeared as a frontrunner, showcasing robust sales figures for its Nexon and Punch variants including their electric counterparts Nexon EV and Punch EV. Additionally, important contributions to the section illustrating the manufacturer's competitive environment came from Maruti Suzuki and Hyundai.
Tata Punch (ICE+EV)
Tata Punch (ICE+EV) appeared as the top performer in the sub 4m SUV segment recording a remarkable sales figure of 17,978 units in January 2024. This represented a 49.74% year-on-year (YoY) growth and a commendable 30.40% month-on-month (MoM) growth. The introduction of the Punch EV variant contributed significantly to Tata market share and volume growth in the segment.
Tata Nexon (ICE+EV)
Following behind the Punch, Tata Nexon (ICE+EV) recorded impressive sales of 17,182 units in January 2024. With a 10.37% YoY growth and a 12.42% MoM growth Nexon maintained a strong presence in the sub 4m SUV market commanding a 14.28% market share.
Maruti Brezza
Maruti Suzuki showcased its capacity in the sub 4m SUV segment with models like Brezza and Fronx making significant progress in sales. The company sold 15,303 units of Brezza and 13,643 units of Fronx collectively commanding a 24.06% market share in January 2024.
Hyundai Venue
Hyundai Venue shows robust sales figures with 11,831 units sold in January 2024. The Venue recorded a respectable 10.18% YoY growth and a commendable 13.95% MoM growth highlighting its popularity among consumers in the sub 4m SUV segment.
Kia Sonet
Kia Sonet viewed a staggering YoY growth of 24.50% and an exceptional MoM growth of 115,200% in January 2024. Since the facelift was introduced Sonet has been able to achieve sales figures and maintain its position as one of the strongest competitors in the sub-four-meter SUV segment.
Mahindra Thar
Mahindra Thar maintained its position as the best-selling sub 4m SUV serving rural and semi-urban audiences with 6,059 units sold in January 2024. Thar registered a commendable 37.39% YoY growth and a significant 4.59% MoM growth underscoring its popularity among consumers.
Hyundai Exter
Hyundai Exter, a recent competitor in the sub 4m SUV segment showcased promising performance with 8,229 units sold in January 2024. The model displays an interesting 9.49% MoM growth signaling it to form a place for itself in the competitive SUV market.
Maruti Suzuki Jimny
Maruti Suzuki Jimny observed its lowest-ever sales since launch at 163 units in January 2024 experiencing a significant 77.67% MoM decrease. Consumer preferences and market dynamics are evolving for the sub-4m SUV segment as highlighted by the model performance.
The sub 4m SUV segment displayed robust growth in January 2024 reflecting evolving consumer preferences and competitive strategies among manufacturers. To sustain growth and maintain their competitive position in the automotive market manufacturers must remain agile and responsive.