The Indian automobile market witnessed a closely contested battle for the second spot between Hyundai Motor India and Tata Motors in May 2024, as car sales reported a modest 4% growth amid the ongoing Lok Sabha 2024 elections.
Despite the competitive landscape, Maruti Suzuki maintained its dominant position, occupying over 40 per cent of the market share. The total car shipments in May 2024 stood at 3,50,257 units, reflecting a 4 per cent increase from the 3,35,436 units shipped in May 2023.
Maruti Suzuki continued to lead the Indian car market, with 1,44,002 cars sold during May 2024, a marginal 0.2 per cent increase from the 1,43,708 cars shipped in May 2023.
However, the company’s export performance witnessed a decline, shipping 17,367 units during this period, down 34.4% from the 26,477 cars exported in May 2023.
Over a third of Maruti Suzuki’s total domestic shipments came from SUVs. The company shipped 54,204 SUVs in May 2024, marking a 17 per cent growth compared to the 46,243 SUVs shipped in May 2023, reflecting the increasing demand for SUVs in the Indian market.
Hyundai Motor India secured the second spot with 49,151 cars shipped in May 2024, a 1 per cent increase from the 48,601 cars shipped in May 2023. The Hyundai Creta emerged as the company’s most popular car, with 14,662 units shipped during the month. SUVs contributed significantly to Hyundai’s sales, accounting for 67 per cent of the company’s total passenger vehicle sales in May 2024.
Hyundai Motor India’s export performance also showed a positive trend, with a 31 per cent increase in shipments, exporting 14,400 cars, up from 11,000 shipped in May 2023.
Tata Motors closely followed in third place, with 46,697 cars shipped during May 2024, reflecting a 2 per cent growth compared to the 45,878 cars sold in May 2023. Out of this, 5,558 cars sold were electric vehicles, registering a 4 per cent year-on-year decline from the 5,805 EVs sold in May 2023.
The company’s export performance saw a remarkable 257% increase, shipping 386 cars during May 2024.
Mahindra & Mahindra recorded a 31% increase in car sales in May 2024, selling 43,218 cars, up from 32,886 cars shipped in May 2023. The company’s entire sales were in the form of SUVs, including the recently launched Mahindra XUV 3XO.
Toyota reported a 24% increase in shipments, with 25,273 cars shipped in May 2024, up from 20,410 units shipped in May 2023, recording a 24% year-on-year growth.
On the other hand, MG Motor reported a 5% decline in car sales, with 4,769 vehicles sold in May 2024, down from 5,006 vehicles in May 2023.
As the Indian automobile market continues to evolve and consumer preferences shift, the competition among automakers is expected to intensify further, driving innovation and offering a wider range of choices for customers.