2025: Indian mass-market passenger vehicle Brand analysis

Highlights:

Mahindra became the second-largest carmaker in India
Mahindra (+1.5%) gained significant market share by posting 18% growth
Toyota, Kia, Skoda, & MG gained market share due to new product launches in 2024 & 2025
The top six brands control 93% of the Indian passenger vehicle market

Brand Analysis

Mahindra became the second-largest carmaker in India
Mahindra (+1.5%) gained significant market share by posting 18% growth
After 17 long years (since 2008) Hyundai lost its #2 position and dropped to #4 spot in 2025
Maruti lost 1.1% market share due to low single-digit (3%) growth in 2025
Honda, Volkswagen, Renault, and Jeep suffered de-growth in 2025
The Indian market remains highly consolidated, with the top 6 players commanding 93% market share
Renault acquired Nissan’s 51% stake in the Indian manufacturing plant (RNAIPL)

Brand growth driven by multiple products

Products launched in 2024 & 2025 were major growth drivers - Thar Roxx, XUV 3XO facelift, XEV 9e & BE 6
56% of Toyota’s sales came from Maruti’s cross-badged products, which had 28% growth
Toyota is the only brand that has massive pull in luxury segment, with products priced in crores

Brand growth driven by a single new product

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