The Indian passenger automotive market has posted a strong double-digit year-on-year (YoY) growth of 19.03% in September 2023. Compared to August, September 2023 posted month-on-month (MoM) growth of 3.5%. The market expects a great response with the upcoming 42-day festive season.
Let’s look at the YoY performance of popular carmakers in the country.
Maruti Suzuki Market Share Increases On 4 New Product Introductions
Maruti Suzuki posted a year-on-year growth of 2.21%. Its September 2023 sales stood at 1,39,640 units, an increase of 28,481 units compared to September 2022. With the increase in sales, Maruti Suzuki crossed 40% market share, continuing to be the largest carmaker in the country. The primary reason behind the increase in Maruti Suzuki’s market share is new product introductions like the Grand Vitara, Fronx, Jimny and Invicto.
The Fronx has been a runaway success for Maruti Suzuki, clocking over 11,000 units every month in the 3rd quarter of 2023. As stated by Shashank Shrivastava, there has been minimal overlap between the Brezza and Fronx since the customer profile of both models is different.
Hyundai Motor India Market Share Takes A Minor Dip Despite Exter Launch
Hyundai Motor India posted a year-on-year market share dip of 0.04%. Its September 2023 sales stood at 49,625 units, which is 7,820 more than September 2022. Hyundai Motor India currently commands a market share of 14.94%, holding the 2nd largest carmaker spot in the country. While the sales of Hyundai have seen a spike, its overall market share saw a minor dip, which is despite the launch of the Hyundai Exter.
The Hyundai Exter is yet to pick up the pace and catch up with the high-selling Fronx. The non-turbo variants of the Fronx compare with the higher grades of the Exter. The Fronx has been able to attract buyers of the sub-compact SUV segment thanks to its sporty styling and superior powertrain.
Tata Motors Market Share Plummeted — Updated SUVs Could Post Improvement
Tata Motors posted a year-on-year market share dip of 1.97%. The carmaker sold 38,984 cars in September 2023, which is a marginal improvement of 740 cars compared to September 2022. Currently, Tata Motors commands a market share of 11.73%, holding the 3rd largest carmaker spot in the country. The possible reason behind the dip in market share could be the arrival of the new Nexon, which dragged the buyers away from the outgoing Nexon. With the launch of the new Nexon and Nexon EV, Tata Motors could post a spike in sales next month.
Providing his insights, Puneet Gupta, director of S&P Global Mobility said, “The reason behind the dip in sales was because of new offerings like the Nexon EV, Harrier and Safari facelifts, which are yet to come in the market. Upon launching new models, companies generally cut on the production of outgoing models, resulting in a sales dip, which is further boosted by the disinterest of customers in buying the older models.”
Mahindra Auto Market Share And Sales Increase
Mahindra Auto has posted a year-on-year market share growth of 1.16%. The SUV maker sold 32,989 units in September 2023, which is an increase of 8,518 units compared to September 2022. Mahindra Auto’s market share stood at 9.93% in September 2023. Mahindra is consistently posting impressive sales with popular models like the Thar, XUV700 and Scorpio and it is only likely to increase with the launch of the upcoming XUV300 facelift.
Toyota Kirloskar Sales, Market Share Increase With Rumion Launch
Toyota Kirloskar Motor posted a year-on-year market share growth of 0.54%. In September 2023, the Japanese carmaker sold 17,959 vehicles, which is 4,369 units more compared to September 2022. Toyota Kirloskar Motor currently commands a market share of 5.41%.
The possible reason behind the spike in sales and market share of Toyota could be the recent launch of the Rumion alongside good response for popular models like the Fortuner, Innova Crysta and Innova Hycross. However, the sales of the Rumion are yet to pick up since it only managed to do nearly 10% of sales of the Maruti Suzuki Ertiga.
Mercedes-Benz India Marginal Sales, Market Share Decline
Mercedes Benz India posted a year-on-year market share dip of 0.01%. The German luxury carmaker sold 1,262 cars in September 2023, which is a decline of 178 units compared to September 2022. Despite the marginal sales dip, Mercedes-Benz India continues to remain the best-selling luxury carmaker in the country. With a range of new offerings planned for launch this year, the market share could grow in the coming months.
The upcoming festive season is likely to benefit nearly all the carmakers in the country. The average inventory for passenger vehicles ranges from 60-65 days which should be enough to cater to the festive season demand. From October 14 onwards, the Indian automotive market will herald into the festive season, which will last for 42 days.