Top 6 car brands accounted for over 90% of the cars sold in Jan 2024 – Top 6 are Maruti, Hyundai, Tata, Mahindra, Kia and Toyota
The Indian automotive sector witnessed robust growth in car sales for the month of January 2024, with the top car companies displaying remarkable performances. The latest data reveals that the total car sales for January 2024 reached 3,93,471 units, marking a significant YoY growth of 13.78%.
Car Sales Jan 2024 – Maruti Leads the Pack with Stellar Performance
Maruti Suzuki dominated the market by securing the top position in terms of car sales. With an impressive 1,66,802 units sold in January 2024, Maruti Suzuki experienced a 13.20% YoY growth, showcasing its strong presence in the Indian automotive landscape. The company’s market share for the month stood at a commendable 42.39%.
Hyundai Motor India and Tata Motors secured the second and third positions, respectively, in the top car companies’ ranking for January 2024. Hyundai reported sales of 57,115 units, reflecting a 13.99% YoY growth, while Tata Motors recorded 53,635 units sold, representing an 11.76% YoY growth. Both companies continue to strengthen their positions in the Indian market.
Mahindra exhibited stellar performance, securing the fourth position with 43,068 units sold and an impressive 30.35% YoY growth. On the other hand, Kia Motors faced a decline with 23,769 units sold, experiencing a -16.99% YoY growth. Despite this setback, Kia maintained a 6.04% market share. Toyota Kirloskar Motor witnessed a remarkable surge in sales, with 23,197 units sold and a remarkable 82.25% YoY growth. The company’s strong performance propelled it to the sixth position, capturing a 5.90% market share for January 2024.
Honda Cars India reported sales of 8,681 units, marking an 11.00% YoY growth, securing the seventh position. Renault India with 3,826 sold displayed positive growth along with Volkswagen and Nissan. While MG Motor India, Skoda, Citroen, and Jeep faced varying degrees of decline.
Month on Month Comparison
Maruti Suzuki sold 1,66,802 units in January 2024, showcasing its strong market presence and accounting for 36.48% of the total market share. Maruti’s significant sales boost contributed significantly to the overall industry growth. Hyundai Motor India and Tata Motors also posted robust month-on-month growth, with sales of 57,115 and 53,635 units, respectively. Hyundai experienced a 33.60% MoM growth, while Tata Motors saw a commendable 23.38% increase.
Kia Motors emerged as one of the most significant gainers in January 2024, recording an impressive 89.61% MoM growth. The company sold 23,769 units, reflecting the strong demand for its new vehicles. Toyota Kirloskar Motor and Honda Cars India demonstrated steady month-on-month growth, with 8.54% and 9.86% increases, respectively. Toyota sold 23,197 units, while Honda recorded sales of 8,681 units, contributing to their market share and reinforcing their positions in the competitive Indian market.
Renault India experienced an exponential MoM growth of 92.45%, selling 3,826 units. This impressive surge catapulted the company into the top ranks for the month. Nissan too managed to post a MoM growth in Jan 2024. On the other hand, Volkswagen faced a decline with a -33.73% MoM growth, selling 3,267 units. However, Skoda faced a significant decline, with a -49.10% MoM growth and sales of 2,377 units. Jeep India also reported a MoM decline. The contrasting performances highlight the dynamic nature of the industry.
