The Indian automotive industry observed significant changes in car sales trends in February 2024 compared to the same period last year. Several factors including new launches, market dynamics, and consumer preferences have influenced these trends. The increasing sales of the top 10 SUVs in India for February 2024 totaled 1,32,243 units, reflecting a decline of -4.43% compared to January's figures. These trends indicate the ever-changing preferences and dynamics of the Indian SUV market with each model facing unique challenges and opportunities.
year-on-year (YoY) and month-on-month (MoM) growth Analysis
Tata Punch
The Tata Punch secured the top spot with 18,438 units sold, marking a substantial 65.08% YoY growth from 11,169 units in February 2023. On a MoM basis, the Punch outperformed January's figures by 460 units, translating to a 2.56% increase. The Punch's success can be attributed to its competitive pricing robust build quality, and a host of features that serve the needs of modern-day consumers.
Maruti Brezza
Maruti's popular compact SUV, the Brezza, recorded 15,765 units sold in February 2024. While it saw a minor YoY decline of -0.14%, the model's consistent popularity is evident from its sales figures. The Brezza's strong brand presence, reliable performance, and efficient after-sales service contribute to its continued success in the market.
Hyundai Creta
The Hyundai Creta witnessed impressive sales growth, with 15,276 units sold in February 2024, reflecting a substantial YoY growth of 46.59%. On a MoM basis, the Creta saw a significant 15.62% growth, showcasing its strong market appeal. The Creta's modern design, feature-rich interior, and comfortable ride quality make it a popular choice among SUV buyers.
Mahindra Scorpio-N
The Mahindra Scorpio-N saw a remarkable YoY growth of 116.56%, with 15,051 units sold in February 2024 compared to 6,950 units in February 2023. On a MoM basis, the Scorpio-N held its ground with a 5.30% growth. Mahindra's reputation for rugged and reliable SUVs, coupled with the Scorpio's refreshed design and improved features, has contributed to its strong sales performance.
Tata Nexon
Despite losing its top spot, the Tata Nexon remained competitive with 14,395 units sold in February 2024. While it experienced a YoY growth of 3.46%, it saw a significant MoM decline of -16.22%. The Nexon's stylish looks, spacious interior, and value-for-money proposition continue to attract buyers in the highly competitive sub-compact SUV segment.
Maruti Fronx
The Maruti Fronx reported modest growth, with 14,168 units sold in February 2024, translating to a 3.85% increase from the previous month. The Fronx's practicality, fuel efficiency, and affordable maintenance costs make it a preferred choice among budget-conscious SUV buyers.
Maruti Grand Vitara
Maruti's Grand Vitara faced a downturn, with 11,002 units sold in February 2024, indicating a substantial decline of -18.13% from the previous month. The Grand Vitara's aging design and lack of modern features have contributed to its declining sales in a market that is increasingly focused on newer, more feature-rich SUVs.
Mahindra Bolero
The Mahindra Bolero reported marginal growth, with 10,113 units sold in February 2024, contributing to a 1.50% increase. The Bolero's rugged build quality, spacious cabin, and reliable performance continue to appeal to buyers in rural and semi-urban markets.
Kia Sonet
The Kia Sonet encountered challenges in February, witnessing a decline of -21.06% YoY and selling 9,102 units. The Sonet's premium features, stylish design, and comfortable ride have helped it establish a strong foothold in the highly competitive sub-compact SUV segment.
Hyundai Venue
The Hyundai Venue also recorded lower YoY sales, with 8,933 units sold in February 2024, down 10.64% from February 2023. The Venue's compact dimensions, feature-rich interior, and competitive pricing continue to make it a popular choice among urban SUV buyers.
The dynamic character of the Indian automotive market can be seen in the performance of these best-selling cars in February 2024. While some models have grown significantly others have experienced difficulties. For manufacturers to be competitive in the SUV industry they will need to keep adjusting to shifting consumer tastes and market trends.