Only three manufacturers in passenger vehicle segment- Tata Motors, Kia and MG Motor witnessed a positive YoY growth for 2020
A major portion of 2020 was lost to the pandemic caused due to the outbreak of Covid-19. Nationwide lockdown meant a suspension of all business activities for a considerable amount of time. The automotive industry was no different as long lockdowns severely hampered production and sales of cars and two-wheelers.
However, the industry bounced back with some strong numbers in the latter part of the year, especially in the passenger vehicle segment. Despite the late surge in demand for cars, the cumulative sales volume was lower than the previous year. In 2020, a total 24,27,883 cars were sold in comparison to 29,36,626 cars sold in 2019.
Maruti, Hyundai Continue To Lead
This led to a decline in YoY sales by 17.3 percent. The market was topped by Maruti Suzuki with an exact 50 percent market even though its sales dipped by 18.3 percent. The Indo-Japanese carmaker sold 12,13,660 units in 2020 in comparison to 14,85,943 units sold in 2019.
It was followed in second place by Hyundai which sold 4,23,642 units in 2020 in respect to 5,10,260 units retailed in the previous year. Hyundai’s current market share remains constant at 17.4 percent after a decline in YoY sales by 17 percent.
Tata Motors, Kia among few to witness YoY growth
Tata Motors occupied the third spot with 1,70,151 units sold in 2020 and a market share of 7.0 percent. It is also one of the few OEMs to witness a positive YoY growth with 11.3 percent.
Korean automaker Kia followed in at the fourth spot with 1,40,505 units dispatched to dealerships in 2020. The brand witnessed the highest growth of 208.5 percent and currently occupies a market share of 5.8 percent.
Mahindra saw a dip in YoY sales by 37.9 percent as it recorded a sales volume of 1,36,500 units in 2020 in comparison to 2,19,682 units in 2019. It currently holds a market share of 5.6 percent. French carmaker Renault too witnessed a dip in sales by 9.4 percent as it was able to sell 80,518 units throughout 2020. It currently possesses a market share of 3.3 percent.
Heavy Decline in Sales For Others
Toyota, Honda and Ford faced heavy decline in sales in 2020 as all three brands witnessed a negative growth of 39.9 percent, 47.6 percent and 37.8 percent respectively. All three brands have market shares worth 3.1 percent, 2.9 percent and 1.9 percent respectively.
Another OEM that managed a positive YoY growth was MG Motor with 76.8 percent growth. The Chinese-owned British company sold a total of 28,162 units in 2020 and currently holds a market share of 1.2 percent.
Volkswagen, Skoda, Nissan and FCA were lagging at the bottom of the list with respective market shares of 0.6 percent, 0.5 percent, 0.4 percent and 0.2 percent. Hopefully, with new launches and no further disruption, 2021 will be a prosperous year for the Indian automotive market.