The Indian automotive industry witnessed a notable performance in March 2024, with most car brands experiencing positive sales growth. Leading the pack, Maruti Suzuki maintained its position as the top-selling car brand, outpacing its competitors Hyundai, Tata, and Mahindra combined. The sales numbers and growth trends of several automakers in March 2024 are examined in this research.
Maruti Suzuki: Dominating the Market
Maruti Suzuki continued its dominance in the Indian car market, selling an impressive 1,52,718 vehicles in March 2024. Despite a slight month-on-month decrease of 4.7%, the brand achieved a significant year-on-year growth of 15%. Maruti Suzuki is a popular choice among customers as demonstrated by its performance.
Hyundai: Climbing to Second Place
Hyundai made a noteworthy leap to become the second best-selling car brand in March 2024, with sales reaching 53,001 units. The Korean automaker witnessed a 5.6% increase in month-on-month sales and a 4.7% rise in year-on-year sales. Hyundai is becoming more and more popular in India as evidenced by its growth.
Tata Motors: Securing the Third Spot
Tata Motors secured the third position in the sales chart, with a total of 50,105 vehicles sold in March 2024. Although there was a slight month-on-month decline of 2.3%, the Indian automaker registered a commendable 13.8% growth in year-on-year sales, highlighting its consistent performance in the market.
Mahindra: Strong SUV Sales
Mahindra showcased its strength in the SUV segment, dispatching 40,631 units in March 2024. Despite a 4.2% decrease in month-on-month sales, the brand achieved a 12.9% increase in year-on-year sales. This result is evidence of Mahindra's strong market position and client attraction skills in the SUV space.
Toyota: Impressive Year-on-Year Growth
Toyota emerged as a standout performer in the Indian car market showcasing remarkable growth and resilience. In March 2024, the brand achieved the highest year-on-year sales growth among the leading car manufacturers, with an impressive increase of 34.5%. Toyota sold 25,119 vehicles throughout the month as a result of this significant development demonstrating its solid market position and growing appeal to consumers.
Other Brands: Mixed Performances
Kia, Honda, MG, Renault, and Volkswagen also contributed to the market dynamics. Kia maintained steady demand with 21,400 cars sold, while Honda surpassed the 7,000 sales mark with a slight growth. MG and Renault faced challenges with declines in year-on-year sales, while Volkswagen exhibited strong month-on-month growth but a dip in annual sales.
The sales report for March 2024 highlights positive trends in the Indian car market with most brands registering growth. Maruti Suzuki's leadership, Hyundai's rise to second place, and Toyota's impressive year-on-year growth are key highlights. As the industry continues to evolve it will be interesting to see how these trends develop and shape the future of the Indian automotive sector.