Maruti, Hyundai, Mahindra and Toyota posted double-digit festive growth while total car sales rose by 16.25% on a YoY basis in October 2023
Festive purchasing, increased production, new car launches and an overall growth in buying sentiments boosted sales during October 2023. Navratri celebrated during the period October 15-24 saw festive buying which is also expected to carry forward into the month of November 2023. Top 5 automakers, Maruti, Hyundai, Tata, Mahindra and Kia have commanded an 86.88 percent market share with each showing strong YoY and MoM sales growth.
Car Sales Oct 2023 – Maruti Suzuki commands 43% market share
Car sales in October 2023 stood at 3,90,847 units, up 16.25 percent over 3,36,226 units sold in October 2022. This was a volume growth of 54,621 units. MoM sales improved by 7.71 percent from 3,62,876 units sold in September 2023.
Once again it was Maruti Suzuki that topped the sales charts with a 43 percent market share. Sales stood at 1,68,047 units in the past month, a growth of 19.75 percent from 1,40,337 units sold in October 2022. MoM sales also saw double digit growth of 11.43 percent from 1,50,812 units sold in September 2023 when market share had stood at 41.56 percent. The 4th gen Maruti Swift is also being actively tested in India and could be launched sometime early next year.
Hyundai has also reported double digit sales growth of 14.85 percent YoY to 55,128 units in October 2023, up from 48,001 units sold in October 2022. MoM sales saw a marginal growth of 1.64 percent when compared to 54,241 units sold in September 2023. Market share however, dipped to 14.10 percent from 14.28 percent and 14.95 percent on a YoY and MoM basis respectively. The company also recently announced a total of 6 airbags across all Hyundai models while 5 of its models receive ADAS as standard.
At No.3 was Tata Motors with 48,337 units sold last month. This was a 6.90 percent YoY growth and 7.77 percent MoM growth over 45,217 units and 44,850 units sold in October 2022 and September 2023 respectively. Market share improved marginally to 12.37 percent from 12.36 percent held in September 2023. Boosted by increased demand for the XUV700, Scorpio and Bolero, Mahindra also reported outstanding sales growth in October 2023 to 43,708 units, up 35.63 percent YoY from 32,226 units sold in October 2022. MoM sales also saw a 5.92 percent improvement over 41,267 units sold in September 2023. Market share currently stands at 11.18 percent.
Kia India reported sales of 24,351 units in October 2023, up 4.41 percent from 23,323 units sold in the same month last year. MoM sales also saw a greater percentage growth of 21.62 percent from 20,022 units sold in September 2023. Market share also went up to 6.23 percent from 5.52 percent MoM. It was the Seltos SUV that contributed more than 50 percent to total sales while the company is actively testing the new Sonet facelift which is expected to go on sale next year.
Toyota also reported double digit growth on a YoY basis by 56.30 percent to 20,542 units from 13,143 units sold in October 2022 while MoM sales fell by 7.33 percent over 22,168 units sold in September 2022. Market share currently stands at 5.26 percent. Toyota attributed these rising sales to models such as the Urban Cruiser Hyryder, Innova Hycross and Hilux along with the new Vellfire and Rumion.
Honda Sales dip YoY and MoM in October 2023
Honda has seen its sales dip by 1.50 percent YoY and 4.67 percent MoM to 9,400 units. There were 9,543 units sold in October 2022 and 9,861 units sold in September 2023 taking down market share to 2.41 percent. MG retail sales grew to 5,108 units with a YoY and MoM growth of 16.97 percent and 2.10 percent respectively. Skoda sales also improved to 4,566 units while Volkswagen sales were up to 4,089 units in October 2023. Thereafter, Renault (3,861 units), Nissan (2,573 units), Citroen (630 units) and Jeep (507 units) each posted significant YoY de-growth. Citroen sales also fell on a MoM basis.
