The passenger vehicle segment was driven by strong YoY and MoM growth led by Maruti Suzuki with close to 2 lakh unit sales in Oct 2024
Car retail sales were boosted by strong demand for models in the SUV segments. The festive season significantly boosted sales while a host of discounts offered also steered buyers into dealer showrooms. New product launches also played an important role in boosting sales.
Car Retail Sales Oct 2024 – YoY, MoM, YTD Growth
FADA reports car retail sales in Oct 2024 grew to 4,83,159 units, a 32.38% YoY growth from 3,64,991 units sold in Oct 2023. It was also a significant improvement by 75.26% on a MoM basis. This was over 2,75,681 units sold in Sept 2024. The car segment also showed off strong growth on a Year-to-date (YTD) basis with a 6.57% growth. There had been 23,61,768 units sold in the April-Oct 2024 period over 22,16,258 units sold in the same period of last year.
Maruti Suzuki was once again a leader of the segment. Sales were up to 1,99,675 units in Oct 2024 over 1,47,762 units sold in Oct 2023. Market share went up to 41.33% from 40.48% YoY. At No. 2 was Hyundai with 67,981 unit sales in the past month. This was over 52,170 units sold in Oct 2023 though market share fell to 14.07% from 14.29% YoY. Tata Motors has witnessed a significant rise in retail sales to 65,011 units last month from 49,798 units sold in Oct 2023.
Mahindra sales were boosted by its massive SUV lineup. Sales were up to 58,120 units in Oct 2024 from 37,277 units sold in Oct 2023. Kia India also posted improved sales at 28,612 units in Oct 2024 from 21,958 units sold in Oct 2023. It was followed by Toyota with 28,121 unit sales, a growth over 19,459 unit sales of Oct 2023 while the Skoda/VW Group also saw its retail sales go up to 8,571 units in the past month from 8,234 units sold in Oct 2023.
Honda suffered a YoY decline in retail sales to 7,087 units in Oct 2024. However, with the new Amaze being set for launch on 4th December, sales should be considerably improved in the months ahead. The new Amaze sub 4-meter sedan promises to come in with more improvements both in design and features over its earlier counterpart.
MG Motor sales were up to 5,446 units in Oct 2024 from 4,296 unit sales of Oct 2023. Earlier this month, MG Motor expanded its Hector SUV lineup. Renault sales also saw a marginal improvement in its retail sales last month. Sales went up to 4,431 units last month from 4,166 units sold in the same month of the previous year. It was followed by Nissan Motors with 2,649 unit sales, a YoY growth over 1,374 units sold in Oct 2023.
Mercedes Benz, BMW Post YoY Growth in Retail Sales
Increased sales were also reported by Mercedes Benz and BMW in Oct 2024. Mercedes sales were up to 1,792 units from 1,374 units. BMW sales also grew to 1,475 units from 1,165 units on a YoY basis. Sub-1,000 unit sales were reported for Citroen with 780 units sold last month from 737 units sold in Oct 2023. Force Motors also saw sales at 740 units from 670 units sold in Oct 2023 while Jaguar sales stood at 484 units last month, a growth over 442 units sold in Oct 2023.
Jeep sales dipped to 466 units in Oct 2024. There had been 481 units sold in the same month last year. BYD on the other hand saw a YoY growth in retail sales to 363 units over 144 units sold in Oct 2023. Lower down the list Volvo suffered a YoY setback to 160 unit retail sales over 186 units sold in Oct 2023. There were other OEMs on this list that added 1,195 units to total sales, a significant YoY decline from 3,803 units sold in Oct 2023.
