Maruti Suzuki is currently unrivalled in terms of its market position it holds and the number of units it retails every month
The automotive sector has seen some tough times in recent times. With the economic slowdown in the country aggravated by the outbreak of the global Covid-19 pandemic, the automotive market was at standstill for a brief period of time. However, things started to pick up since the second quarter of the current fiscal, i.e., July 2020.
The growth in demand has been appreciable which is why sales volumes have gone up in recent months. Especially in the passenger vehicle segment, growth figures have shown tremendous promise for the coming future.
In October 2020, the passenger vehicle accounted for an impressive double-digit YoY growth of 18 percent compared to October last year. Even in comparison to September’s performance, it showed a remarkable 20 percent MoM growth. While some brands have been able to cash in this opportunity in growing demands some have failed.
Maruti Suzuki Holds Its Fort By A Fair Margin
As usual Maruti Suzuki continues to hold the lion’s share in the market for October 2020 at 49.02 percent. This is a 0.14 percent YoY growth in market share and a 1.45 percent decline in MoM market share. The Indo-Japanese brand sold huge 1,63,656 cars all over India last month. This is a YoY growth of 17.64 percent and an MoM growth of 10.64 percent.
Hyundai, Tata Motors Follow
Maruti is followed by Hyundai which has been the second-largest carmaker in the country for a very long time. As of October 2020, the South Korean brand holds 16.96 percent of the passenger vehicle segment. This is a 0.62 percent decline in YoY market share and a 0.21 percent decline in MoM share. Behind the Korean, is the Indian brand of Tata Motors which has been returning good numbers in the last few years, courtesy of its new models.
Tata Motors currently holds a 7.07 percent market share of the passenger vehicle segment. This is a decline of 0.16 percent in MoM share and a healthy 2.4 percent growth in YoY share. The Indian brand is followed by another Korean brand, Kia at the fourth spot. It holds a 6.30 percent market share in India as of last month which is YoY growth of 1.78 percent and an MoM decline of 0.08 percent.
Other OEMs such as Mahindra (5.58 percent), Toyota (3.71 percent), Renault (3.30 percent), Honda (3.25 percent), Ford (2.12 percent) and MG (1.12 percent) have more or less held the same market share from last year and previous month. Some brands such as Volkswagen (0.62 percent), Skoda (0.43 percent), Nissan (0.29 percent) and Jeep (0.25 percent) continue to hold less than 1 percent share in the Indian passenger vehicle market.
In the coming months, going by the trend, the market share of the Indian automotive sector is likely to remain similar with strong players bringing in good numbers.