With sustained demand for utility vehicles, most leading automakers in India have reported double-digit YoY growth in May 2023 while MoM sales were somewhat of a constraint
Car sales in India in May 2023 saw positive growth across most of the top selling automakers in India. New car launches and positive buyer sentiments boosted sales even as most companies continue to face shortage of semiconductor chip supplies.
The passenger vehicle segment has recorded sales of 3,35,531 units in May 2023, marking the fifth month in succession where sales have crossed the 3 lakh unit mark. Maruti, Hyundai and Tata Motors along with Mahindra and Toyota topped sales charts with each posting significant YoY growth.
Car Sales May 2023
Passenger vehicles performed well in the month May 2023 recording a 13.99 percent YoY and a 1.21 percent MoM growth in sales. Total sales in the past month stood at 3,35,531 units, up from 2,94,342 units sold in May 2022. MoM sales improved over 3,31,509 units sold in April 2023.
Maruti Suzuki topped the list with 15.45 percent YoY growth to 1,43,708 units in May 2023 from 1,24,474 units sold in May 2022. This was a 19,234 unit volume growth with the company commanding a 42.83 percent market share. This was a 0.54 percent growth when compared to market share of 42.29 percent held in May 2022. MoM sales also improved by 4.65 percent over 1,37,320 units sold in April 2023 during which period market share stood at 41.42 percent.
Hyundai sales grew by 14.91 percent YoY to 48,601 units in May 2023 from 42,293 units sold in May 2022 with a 14.48 percent market share. MoM sales however, dipped 2.21 percent from 49,701 units sold in April 2023.
At No. 3 was Tata Motors with the company selling 45,878 units in the past month, a 5.85 percent YoY growth but a 2.41 percent decline on a MoM basis. Market share also dipped to 13.67 percent in May 2023 from 14.18 percent held in April 2023 while in May 2022, market share stood at 14.72 percent. Tata’s wide range of electric vehicles, Nexon EV Prime, Nexon EV Max, Tiago EV and Tigor EV had a major part to play in total sales.
Mahindra was another automaker to record YoY growth but MoM decline in sales. Sales in the past month stood at 32,886 units, up 22.23 percent as against 26,904 units sold in May 2022. MoM sales dipped by 5.21 percent from 34,694 units sold in April 2023. Market share currently stands at 9.80 percent.
Toyota sales exceeded that of Kia Motors by 1,644 units in May 2023. Toyota experienced a 99.78 percent YoY growth to 20,410 units in May 2023 from 10,216 units sold in May 2022 while MoM sales also grew by 44.12 percent.
MG Motor sales (retail) also grew YoY and MoM crossing the 5,000 unit mark to 5,006 units. Sales in May 2022 and April 2023 had stood at 4,008 units and 4,551 units respectively. MG Motor currently commands a 1.49 percent market share.
Honda, Renault, Skoda – YoY De-growth
Three automakers to post YoY degrowth were Honda (4,660 units), Renault (4,625 units) and Skoda (3,547 units) while Honda and Skoda also saw sales dip on a MoM basis. Volkswagen sales fell by 6.19 percent YoY to 3,286 units, down from 3,503 units sold in May 2023 to command a 0.98 percent market share. VW sales had been at 3,032 units in April 2023 when market share had stood at 0.91 percent. It was the new Volkswagen Virtus and Taigun that pushed sales ahead in the past month.
Lower down the order was Nissan with 2,618 units sold, marking a 22.85 percent YoY and marginal 0.04 percent MoM growth. Citroën sales zoomed ahead by 3258.33 percent to 806 units in May 2023 from just 24 units sold in May 2022 while in April 2023 sales had stood at 1,003 units marking a 19.64 percent MoM de-growth. Jeep trailed the list with 734 units sold last month down 20.91 percent from 928 units sold in May 2022 while MoM sales grew by 31.54 percent from 558 units sold in April 2023.