In February 2024, the Indian automotive sector experienced noticeable shifts in sales trends among leading car brands. Maruti Suzuki continued its dominance, Tata jumped to second place, and Hyundai faced a slight decline. The month-on-month (MoM) sales for most brands decreased, indicating a temporary slowdown in the market. However, year-on-year (YoY) growth for several brands remained strong, reflecting the resilience and adaptability of the automotive industry in India.
Maruti Suzuki
Maruti Suzuki continued its dominance in February 2024, retaining its position as the best-selling car brand in India. Despite a slight decline of nearly 4% in month-on-month (MoM) sales, Maruti Suzuki recorded a year-on-year (YoY) growth of approximately 9%, selling over 1.60 lakh units. The brand's success can be attributed to its diverse product portfolio and strong brand presence in the Indian market.
Tata Motor
Tata Motors witnessed a significant growth in February 2024, surpassing Hyundai to claim the second spot in car sales. Tata sold over 50,000 units last month, marking a YoY growth of nearly 20%. Popular models like the Tata Punch and Nexon which have been well-received by Indian consumers are largely responsible for the company's success. Tata has strengthened its position in the Indian auto industry through its emphasis on value for money, design and safety.
Hyundai
Hyundai, despite crossing the 50,000-unit mark in sales, experienced a MoM sales decline of over 12% in February 2024. Many factors including supply chain difficulties, market dynamics, and rivalry, might be blamed for the fall. However Hyundai continues to be a major force in the Indian auto industry renowned for its cutting-edge features, creative styling, and dependable performance. Sales of the company are expected to rise in the following months due to its upcoming launches which include the Creta N Line.
Mahindra
Mahindra observe a strong growth in February 2024, selling over 42,000 SUVs and registering a YoY growth of over 40%. The company's well-liked models such as the Mahindra Scorpio and XUV700 have been positively regarded by customers and have contributed to its success. In the very competitive SUV sector Mahindra has gained market share due to its emphasis on providing tough and dependable SUVs at low prices.
Toyota
Toyota climbed to the fifth spot in car sales in February 2024, overtaking Kia. The company sold over 23,000 units last month, with a small MoM growth and the highest YoY growth of nearly 53%. The success of Toyota may be attributed to its robust range of products which includes well-liked models for Indian consumers such as the Toyota Innova Crysta and Fortuner. Toyota has managed to hold onto its place in the Indian auto industry because of its emphasis on quality dependability, and customer happiness.
Many Indian automakers have shown remarkable strength in the face of MoM issues and numerous brands have experienced notable YoY growth. For the industry to maintain this growing momentum it will be essential that it can adjust to shifting consumer tastes and market conditions. The Indian car sector is likely to engage in significant transformation as a result of upcoming releases and innovative goods.