In May 2024, all brands combined sales were 3.49 Lakh which is a Month-on-Month (MoM) Growth by 3.56%, and Year-on-Year (YoY) Growth by 4.03%. Several brands reported positive growth while many reported negative growth.
Maruti Suzuki maintained its market leadership by selling 1,44,002 units in May 2024, a YoY increase of 0.20% from 1,43,708 units in May 2023. MoM, Maruti’s sales grew by 4.39%, up from 1,37,952 units in April 2024. This secured a market share of 41.25%. Maruti is testing two new models for India with one being the next-generation Dzire with launch set for festive season. This will significantly increase the total sales, The 2nd model is the Maruti eVX which is their first-ever electric SUV with 550 KM Range and importantly, first Maruti EV with ADAS. Set for launch in 2025.
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Hyundai’s sales in May 2024 rose by 1.13% YoY to 49,151 units, compared to 48,601 units in May 2023. However, MoM sales dropped by 2.09% from 50,201 units in April 2024, maintaining a market share of 14.08%. Hyundai is also currently testing two models – Alcazar Facelift with Palisade inspired elements and few new features; the other is the EV Version of Creta with 500 KMs Range, and few new features over the ICE version.
Tata Motors reported a 1.79% YoY increase, with 46,697 units sold in May 2024, up from 45,878 units in May 2023. MoM, sales decreased by 2.48% from 47,883 units in April 2024, holding a market share of 13.38%. Tata Motors on June 7th will be launching the Altroz Racer, and updated standard Altroz to give tough competition in the premium hatchback segment. Later this year, they will launch CNG option for Nexon with Manual and Automatic Gearbox choice; then there is the Curvv EV launch during the festive season with ICE version launching at later date, and finally, they’ll close the year with the launch of Harrier EV with 600 KM range.
| Brands | May 2024 Sales | May 2023 Sales | Difference in Units | YoY% |
|---|---|---|---|---|
| Maruti Suzuki | 1,44,002 | 1,43,708 | 294 | 0.20% |
| Hyundai | 49,151 | 48,601 | 550 | 1.13% |
| Tata | 46,697 | 45,878 | 819 | 1.79% |
| Mahindra | 43,218 | 32,886 | 10,332 | 31.42% |
| Toyota | 23,959 | 20,410 | 3,549 | 17.39% |
| Kia | 19,500 | 18,766 | 734 | 3.91% |
| Honda | 4,822 | 4,660 | 162 | 3.48% |
| MG (Retail) | 4,769 | 5,006 | -237 | -4.73% |
| Renault | 3,709 | 4,625 | -916 | -19.81% |
| Volkswagen | 3,273 | 3,286 | -13 | -0.40% |
| Skoda | 2,884 | 3,547 | -663 | -18.69% |
| Nissan | 2,211 | 2,618 | -407 | -15.55% |
| Citroen | 515 | 806 | -291 | -36.10% |
| Jeep | 344 | 734 | -390 | -53.13% |
| Total | 3,49,054 | 3,35,531 | 13,523 | 4.03% |
Mahindra experienced a remarkable 31.42% YoY growth, selling 43,218 units in May 2024 compared to 32,886 units in May 2023. MoM sales rose by 5.39%, up from 41,008 units in April 2024, resulting in a market share of 12.38%. Toyota’s sales surged by 17.39% YoY, reaching 23,959 units in May 2024 from 20,410 units in May 2023. MoM, Toyota saw the highest growth among major manufacturers with a 28.12% increase from 18,700 units in April 2024, achieving a market share of 6.86%.
Kia recorded a 3.91% YoY increase in sales, with 19,500 units sold in May 2024 compared to 18,766 units in May 2023. MoM, sales slightly declined by 2.34% from 19,968 units in April 2024, resulting in a market share of 5.59%. Kia is testing the Carens Facelift, and Clavis/Syros SUV in India with potential launch for both near the end of this year, or the Clavis/Syros SUV could launch in 2025. Honda saw a 3.48% YoY growth, selling 4,822 units in May 2024 compared to 4,660 units in May 2023. MoM sales increased by 10.83% from 4,351 units in April 2024, improving its market share to 1.38%. Honda will also be launching the new generation Amaze during the festive season.
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MG Motor (Retail) reported a YoY sales decrease of 4.73%, with 4,769 units sold in May 2024 compared to 5,006 units in May 2023. MoM, sales increased by 6.33% from 4,485 units in April 2024, maintaining a market share of 1.37%. Renault’s sales dropped by 19.81% YoY, from 4,625 units in May 2023 to 3,709 units in May 2024. MoM, sales remained nearly flat with a slight increase of 0.05% from 3,707 units in April 2024, keeping a market share of 1.06%. Renault will be bringing back its beloved Duster in India in 2025 to boost its low sales and moreover expand its presence.
| Brands | May 2024 Sales | April 2024 Sales | Difference in Units | MoM% |
|---|---|---|---|---|
| Maruti Suzuki | 1,44,002 | 1,37,952 | 6,050 | 4.39% |
| Hyundai | 49,151 | 50,201 | -1,050 | -2.09% |
| Tata | 46,697 | 47,883 | -1,186 | -2.48% |
| Mahindra | 43,218 | 41,008 | 2,210 | 5.39% |
| Toyota | 23,959 | 18,700 | 5,259 | 28.12% |
| Kia | 19,500 | 19,968 | -468 | -2.34% |
| Honda | 4,822 | 4,351 | 471 | 10.83% |
| MG (Retail) | 4,769 | 4,485 | 284 | 6.33% |
| Renault | 3,709 | 3,707 | 2 | 0.05% |
| Volkswagen | 3,273 | 3,049 | 224 | 7.35% |
| Skoda | 2,884 | 2,579 | 305 | 11.83% |
| Nissan | 2,211 | 2,404 | -193 | -8.03% |
| Citroen | 515 | 404 | 111 | 27.48% |
| Jeep | 344 | 377 | -33 | -8.75% |
| Total | 3,49,054 | 3,37,068 | 11,986 | 3.56% |
Volkswagen (VW) experienced a slight YoY decline of 0.40%, selling 3,273 units in May 2024 compared to 3,286 units in May 2023. MoM, sales grew by 7.35% from 3,049 units in April 2024, resulting in a market share of 0.94%. Skoda saw an 18.69% YoY decrease in sales, with 2,884 units sold in May 2024 compared to 3,547 units in May 2023. MoM, sales increased by 11.83% from 2,579 units in April 2024, boosting its market share to 0.83%. Both Skoda and Volkswagen are bringing facelift updates of their SUV (Skoda Kushaq, VW Taigun), and Sedans (Skoda Slavia, VW Virtus) in 2025 to give its rival, Hyundai Verna and Honda City, a very tough time.
Nissan experienced a 15.55% YoY decline, with 2,211 units sold in May 2024 compared to 2,618 units in May 2023. MoM, sales fell by 8.03% from 2,404 units in April 2024, reducing its market share to 0.63%. Nissan is expected to launch the facelift update of its only model in the line-up, Magnite, by the end of this year.
Citroen’s sales plummeted by 36.10% YoY, with 515 units sold in May 2024 compared to 806 units in May 2023. MoM, sales increased by 27.48% from 404 units in April 2024, increasing its market share to 0.15%. Jeep recorded the steepest YoY decline, with sales dropping by 53.13% from 734 units in May 2023 to 344 units in May 2024. MoM, sales fell by 8.75% from 377 units in April 2024, resulting in a market share of 0.10%.
Overall, the car market saw a steady MoM growth of 3.56%, with total sales reaching 3,49,054 units in May 2024 compared to 3,37,068 units in April 2024.
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