The Passenger Vehicle (PV) segment performed well last month marking highest February sales ever with a 12.36% growth over retail sales in February 2023
Federation of Automobile Dealers Associations (FADA) released vehicle retail data for February 2024 wherein sales growth has been seen across every segment. 2W sales improved by 13 percent YoY while there was a 24 percent growth recorded for 3W. PV and CV sales grew by 12 percent and 5 percent respectively while tractor sales saw 11 percent YoY growth. Total sales grew by 13.07 percent to 20,29,541 units in February 2024, up from 17,94,866 units sold in February 2023 while MoM sales dipped MoM by 4.61 percent over 21,27,653 units sold in January 2024.
Speaking exclusively about the passenger vehicle segment, it was the leading 6 automakers, Maruti, Hyundai, Tata, Mahindra, Kia and Toyota, which have majorly captured this segment, commanding a 91 percent market share. Each of these automakers have also recorded YoY growth spurred on by new launches and several improvements brought in which have drawn the attention of buyers in the country. Government of India incentives for the electric vehicle segment which is targeted at 30 percent of all vehicle sales by 2030 has also instigated automakers in India to follow this cleaner and greener pathway to success.
PV Retail Sales Feb 2024 – Maruti leads
Car sales improved by 12.36 percent YoY to 3,30,107 units in February 2024, up from 2,93,803 units sold in February 2023. It was however a MoM decline of 16.06 percent from 3,93,250 units sold in January 2024. Once again it was Maruti Suzuki that led this segment with 1,31,191 units sold in February 2024 to command a market share of 39.74 percent. There had been 1,20,381 units sold in February 2023. It was the company’s UV portfolio, which includes models such as the Brezza, Ertiga, Fronx, Grand Vitara, Invicto, Jimny, S-Cross and XL6, that contributed most to these sales. Maruti also has plans to bring in their first ever EV with the eVX poised for launch. It promises a range of 550 kms.
Tata Motors may have been the No. 2 automaker in terms of wholesales but in retail sales, it is still Hyundai Motor that has cemented itself in this position. Hyundai sales grew to 46,464 units in the past month from 39,870 units sold in February 2024. The new Hyundai Venue Turbo base variant, in the sub 4-meter segment is set to boost sales along with Hyundai other two offerings, Exter and Venue.
Tata Motors followed close behind with 44,784 units sold last month from 39,561 units sold in February 2023. With 38,071 unit retail sales last month, Mahindra was the 4th best-selling automaker in India with an 11.53 percent market share. It was followed by Kia Motor which has not seen much YoY growth with 20,357 units sold last month from 20,141 units sold in the same month last year. Toyota sales improved to 19,498 units while Honda Cars sold 6,597 units in February 2024.
Skoda, MG Motor, Renault Post YoY De-Growth in Retail Sales
There were not all winners in February 2024. Skoda has posted a significant YoY degrowth to 5,742 units in the past month when compared to 7,134 units sold in February 2023. Market share dipped to 1.74 percent from 2.43 percent YoY. MG Motor sales also fell, albeit marginally to 3,738 units last month from 3,776 units sold in February 2023. There is the Comet, Astor, Hector and ZS EV in the company lineup. Renault India also reported lower YoY sales to 3,568 units in February 2024 from 4,950 units sold in the same month last year.
Mercedes Benz sales saw growth to 1,252 units, up 90 units when compared to 1,162 units sold in February 2024 while also in the luxury segment, BMW India sales improved quite considerably to 1,040 units in the past month from 666 units sold in the same month last year. In the luxury car segment was also Jaguar (257 units and Volvo (165 units) both posting YoY growth
Force Motors also reported increased YoY sales to 805 units while de-growth was seen in the case of PCA Automobiles (Citroen) to 558 units and Fiat India to 399 units in February 2024. Sales of BYD India dipped to 143 units last month. BYD sales are set to improve with the new Seal EV which starts off at an affordable price of Rs 41 lakh (ex-showroom) and the company has already recorded bookings to the extent of 200 units on the first day of launch. Other OEMs in this segment contributed 3,080 units to total retail sales last month, a YoY growth over 1,944 units sold in February 2024.
