Car sales on the whole improved both YoY and MoM though many leading automakers have reported declining sales on a YoY basis
October 2024 saw the two main festivals of Dussehra and Diwali, a period which always stirs up car sales. This year however, automakers had to face some constraints. Faced with piling stocks, many leading automakers had to resort to offering hefty discounts and exchange benefits to draw the attention of buyers.
Car Sales Oct 2024 – Top 6 brands have 92.65% share
The Indian car industry has posted a gain of 1.8% on a YoY basis to 3,97,947 units in Oct 2024, up from 3,90,853 unit sales of Oct 2023. MoM sales saw increased demand by 10.9% from 3,58,879 unit sold in Sept 2024. Certain brands like Mahindra and Toyota showed off strong growth along with MG Motor, while there were others that have seen declining sales or just a marginal improvement.
Maruti Suzuki, the leading automaker in India, has reported declining sales. Sales fell to 1,59,591 units in Oct 2024, down by 5% over 1,68,047 units sold in Oct 2023. The company however, showed off strong performance on a MoM basis with sales up 10.1% from 1,44,591 unit sales of Sept 2024. Market share fell to 40.1%, a decline by 2.9% over 43% held in Oct 2023. At No. 2 was Hyundai with 55,568 unit sales last month. This was a 0.8% YoY growth from 55,128 unit sales of Oct 2023. MoM sales performance also saw positive results with an 8.7% improvement from 51,101 units sold in Sept 2024 to command a 14% market share.
Having overtaken Tata Motors for two months in a row, Mahindra has been seeing strong sales performance ever since the launch of the new Thar Roxx. The company also introduced a price cut for the XUV700, both of which have ensured increased sales. Mahindra sales were up 24.7% YoY at 54,504 units, a significant YoY increase from 43,708 unit sales of Oct 2023. MoM sales also went up by 6.7% from 51,062 units sold in Sept 2024 to command a 13.7% market share. Mahindra XUV700 crossed sales well over the 10,000 unit mark for the first time in the past month.
Tata Motors saw a 0.4% decline in sales to 48,133 units in Oct 2024. This was from 48,343 units sold in Oct 2023 while its MoM sales improved by 17.2% from 41,065 units sold in Sept 2024. Market share however, dipped by 0.3% to 12.1%. Toyota has posted outstanding sales results in Oct 2024. Sales were up 37% on a YoY basis and by 18.2% MoM to 28,138 units. Market share has improved by 5.3% held in Oct 2023 to 7.1% in the past month. To counter competition from the Thar and Scorpio/N, Toyota plans launch of a model in a new segment, for which the company is also developing an all-new monocoque platform.
Kia Sales suffered a YoY and MoM setback in terms of sales. Oct 2024 saw Kia sales down by 6.6% to 22,753 units over 24,351 units sold in Oct 2023. MoM sales were also down by 3.3% from 23,523 units sold in Sept 2024 taking market share down to 5.7% from 6.2%.
MG Motor sales also ended on a strong note in Oct 2024 with double digit growth and its best-ever sales. Sales were up 37.9% YoY and 53.6% MoM to 7,045 units. There had been 5,108 units and 4,588 units sold in Oct 2023 and Sept 2024 respectively. The newly launched Windsor EV has stood the company in good stead and emerged as its best-seller.
Brands With Under 6k Car Sales Per Month
Honda sales fell dramatically by 41% YoY and 2.3% MoM to 5,546 units with a 1.4% market share. Volkswagen sales saw more positive results with a 9% YoY and 31.3% MoM growth to 4,458 units with a 0.1% improvement in market share to 1.1%. Skoda sales too declined YoY to 4,079 units, a 10.7% YoY de-growth over 4,566 unit sales of Oct 2023 while MoM sales showed a notable 23.6% improvement from 3,301 units sold in Sept 2024. Renault (3,870 units), Nissan (3,121 units) and Citroen (717 units) each have seen rising sales in Oct 2024. Jeep sales however, dipped 16.4% YoY to 424 units from 507 units sold in Oct 2023 though MoM performance improved by 16.2% from 365 unit sales of Sept 2024.
