Car sales grew in India on a YoY and MoM basis in September 2023 – Maruti maintained lead while Hyundai recorded highest ever sales
Car sales in India have seen good growth in the past month reaching new heights setting off the festive season with great fervour. This increased demand is set to carry on through the month of October and November 2023. The 10 day Navratri festival commences on October 15 to October 24, while Diwali will be celebrated on November 12.
Car Sales Sep 2023 – Maruti Suzuki commands 41% market share
Passenger vehicle manufacturers in India clocked a total of 3,62,876 unit wholesales in September 2023 marking the highest ever wholesales in a month. This was against 3,54,948 units sold in September 2022 while it was also an increase on a MoM basis as compared to 3,60,230 units sold in August 2023. Taking into account year-to-date (YTD) sales, there were a total of 30,95,079 units sold in the CY23 period. This was a growth of over 28,52,472 units sold in the same period of CY22.
Maruti Suzuki headed the sales list with 1,50,812 unit wholesales in September 2023. The company has seen a YoY growth over 1,48,380 units sold in September 2022 while its MoM sales dipped when compared to 1,56,114 units sold in August 2023. On YTD basis, Maruti Suzuki has marked an increase of 9.2 percent to 13,00,000 units in CY23 as compared to 11,91,283 units sold in CY22. It was the Maruti Suzuki Jimny and Fronx that received strong demand while the Grand Vitara has achieved 1 lakh sales milestone and has just completed 12 months in the Indian market.
At No. 2 was Hyundai with 54,241 unit wholesales last month. This was a growth of over 49,700 units sold in September 2022 while MoM sales also improved over 53,830 units sold in August 2023. The company currently commands a 14.9 percent market share. YTD sales also grew to 4,54,782 units in the CY23 period when compared to 4,17,677 units sold in CY22.
Tata Motors posted a YoY and MoM decline in sales. Wholesales in the past month stood at 44,850 units. This was a de-growth over 47,655 units sold in September 2022 while in August 2023 wholesales had stood at 45,515 units. However, the company has seen more positive growth on a year to date basis with a total of 4,13,027 units sold during the Jan-September 2023 period over 3,95,516 units sold in the same 9 month period in 2022. With four new SUVs coming by early next year among which are the Nexon EV facelift, Punch EV, Harrier EV and Curvv EV, sales should see some improvement.
Mahindra, with a hefty lineup of SUVs and utility vehicles saw its sales grow to 41,267 units in September 2023. The company currently commands an 11.4 percent market share. It was a YoY growth of 19.6 percent over 34,508 units sold in September 2022 as well as a MoM growth of 10.7 percent from 37,270 units sold in August 2023. YTD sales improved by 28.8 percent to 3,14,309 units in the CY23 period till September from 2,43,953 units sold in CY22.
At No. 5 was Toyota with 22,168 unit wholesales in the past month and a 6.1 percent market share. It is related to a YoY growth of 44.2 percent and MoM increase of 5.7 percent from 15,378 units sold in September 2022 and 20,970 units sold in August 2023. YTD sales also improved by 30 percent to 1,62,518 units in CY23 period from 1,25,046 units sold in CY22.
Kia has reported a YoY de-growth in wholesales to 20,022 units in September 2023 from 25,857 units sold in September 2022. Its MoM performance improved over 19,219 units sold in August 2023 to now command a 5.5 percent market share. It was also a marginal increase on a YTD basis with 1,95,351 units sold in the CY23 period, up 1.7 percent from 1,92,024 units sold in the same 9 month period last year. Kia recently trademarked the EV1 to EV9 in India and has also launched the Carens X Line which is positioned at the top of the model range.
Honda, MG, Skoda, Renault
Lower down the order was Honda with 9,861 units sold last month up from 8,714 units sold in September 2022 and from 7,880 units sold in August 2023. Its YTD sales however dipped to 54,988 units in CY23 from 71,366 units sold in CY22 relating to a 22.9 percent fall in wholesales. MG Motor retail sales grew to 5,003 units in the past month from 3,808 units sold in September 2022 and was also higher from 4,185 units sold in August 2023. YTD sales were up 21.1 percent from 35,718 units sold in CY22 to 43,240 units sold in CY23.
Skoda reported 4,032 unit sales in September 2023 while its YTD sales stood at 48,855 units. Renault however saw its sales dip to 3,369 units in the past month from 7,623 units sold in September 2022. It was also lower on a MoM basis from 3,633 units sold in August 2023 while YTD sales dipped 40.2 percent to 40,020 units in the CY 23 period from 66,889 units sold in CY22. Thereafter VW (3,568 unit), Nissan (2,454 units), Citroen (748 units) and Jeep (481 units) all reported a YoY de-growth in wholesales while Jeep also saw its YTD sales decline by 32.2 percent in CY23.
