While Maruti Suzuki led the segment, Hyundai made a comeback at No. 2 spot after being taken over by Tata Motors in February 2024
The passenger vehicle segment performed well in March 2024 with most leading automakers showing off a YoY growth. However on a MoM basis, there was some decline. Total sales stood at 3,69,381 units in March 2024, up 9.9 percent when compared to 3,35,976 units sold in March 2023.
Car Sales March 2024
New model launches and several facelifts, most of which instantly relished success, have contributed to this growth while year-end purchases to avoid price hike at the start of the new financial year, also stirred up the segment. However, sales on a MoM basis dipped marginally by 0.8 percent from 3,72,178 units sold in February 2024. Maruti, Hyundai and Tata Motors each showed off strong sales growth in March 2024 crossing the 50,000 unit mark.
It was once again Maruti Suzuki at the helm with a lion’s market share of 41.3 percent to 1,52,718 units sold in March 2024. Even as Maruti models did not find pole positions on this list, which was taken up by Tata Punch and Hyundai Creta, sales were boosted by the DZire, Ertiga and Fronx. Maruti’s YoY sales grew by 15 percent while MoM sales dipped 4.7 percent from 1,60,272 units sold in February 2024.
Hyundai regained its No. 2 spot on this list, a position it had lost to Tata Motors in February 2024. Hyundai sales were up 4.7 percent YoY and 5.6 percent MoM to 53,001 units from 50,600 units and 50,201 units sold in March 2023 and February 2024 respectively. Market share however dipped YoY to 14.3 percent.
Car Market Share March 2024 – YoY vs MoM
A 61 percent boost in Tata Punch sales steered the company to a 13.8 percent YoY growth to 50,105 units, up 13.8 percent from 44,047 units sold in March 2023. MoM sales however dipped by 2.3 percent from 51,270 units sold in February 2024.
Tata Motors gained a market share to 13.6 percent, a 0.5 percent growth in Mar 2024 vs Mar 2023. Mahindra witnessed a 12.9 percent improvement in YoY sales but MoM performance dipped by 4.2 percent to 40,631 units. Mahindra Scorpio and Bolero were major contributors to sales along with the XUV700 and Thar. The new XUV3X0 is now poised for launch in the sub-4 meter SUV space.
Posting both a YoY and MoM growth was Toyota with a 34.5 percent YoY and 7.8 percent MoM growth to 25,119 units taking up market share to 6.8 percent. Kia sales fell to 21,400 units from 21,501 units on a YoY basis while MoM sales improved by 5.9 percent. The Kia Sonet brought in most numbers while recent updates with new variants being added could stir up sales even further. Honda also posted a 5.7 percent YoY growth to 7,071 units in March 2024.
Car Sales at Sub-5,000 Units
Lower down the list, each of the automakers have seen negative YoY sales growth. MG sales dipped 23.2 percent to 4,648 units down from 6,051 units sold in March 2023 while Renault sales fell by 21.6 percent to 4,225 units. Volkswagen (3,529 units), Skoda (2,802 units) and Nissan (2,701 units) each saw YoY sales de-growth. Citroen and Jeep also posted lower sales on a YoY basis at 1,006 units and 425 units respectively. MoM sales of each of these automakers were somewhat better with only Nissan posting a MoM decline while Citroen sales saw triple digit growth by 139 percent MoM.
