Maruti, Hyundai and Tata maintain top 3 spots – Register marginal YoY growth, but a decline MoM
In a reflection of India’s burgeoning automotive market, November 2023 saw a steady rise in car sales across the nation, marking a positive trend for the industry. The total car sales for November 2023 reached 3,34,868 units, marking a 3.98% increase from the same period last year.
Maruti Reigns Supreme with a Marginal Rise
Maruti Suzuki, a perennial leader in the Indian automotive landscape, retained its pole position by selling 1,34,158 units in November 2023, a modest 1.33% increase from the previous year. With a 40.06% market share, Maruti continued to assert its dominance despite a marginal growth.
The most notable performance in November came from Mahindra and Toyota. Mahindra witnessed a substantial surge in sales, marking a 32.24% increase compared to November 2022, selling 39,981 units. Toyota also showcased an impressive growth rate of 43.85%, selling 16,924 units, positioning itself as a strong contender in the market.
Hyundai and Tata Maintain Stability
Hyundai and Tata Motors maintained their positions with a 3.02% and 0.07% increase respectively in their sales figures. Hyundai sold 49,451 units, while Tata Motors sold 46,070 units during November 2023.
However, not all manufacturers experienced positive growth. Brands like Kia, Skoda, VW, Renault, Citroen, and Jeep faced declines in their sales figures. Renault notably suffered a substantial decline of 61.23%, selling 2,452 units compared to 6,325 units in November 2022.
Month on Month performance
Maruti Suzuki, although maintaining its position as the leading car manufacturer, faced a notable decline of 20.17% in its sales, dropping to 1,34,158 units from 1,68,047 units in October 2023. Despite the decline, Maruti continues to hold a strong market share of 43.00%.
Hyundai, Tata Motors, Mahindra, and other major players also experienced a decline in sales figures. Hyundai sold 49,451 units, marking a 10.30% decrease, while Tata Motors witnessed a 4.69% drop with sales of 46,070 units. Mahindra’s sales dipped by 8.53% as it sold 39,981 units in November.
Several brands faced substantial declines in month-on-month performance. Toyota recorded a significant decrease of 17.61%, selling 16,924 units compared to 20,542 units in October 2023. Renault also saw a sharp decline of 36.49%, selling 2,452 units in November.
Market Insights and Challenges
The decline in November can be attributed to various factors, including the end of festive season offers, supply chain constraints, and economic fluctuations. This downturn poses challenges for manufacturers striving to maintain sales momentum amid market uncertainties.
As the industry navigates these challenges, stakeholders are anticipating strategies to stimulate demand and counter the impact of the month-on-month decline. With year-end sales and potential market interventions, there’s cautious optimism about a rebound in the coming months.
