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Around 3.37 Lakh passenger cars were sold in the Indian market in April 2024. The sales was almost flat when compared to April last year and declined by 8.7% in comparison to March 2024.
April is usually a muted month as majority of the OEMs introduce price hikes and there are no festivities which will spurt car sales in the month. The automakers also slow down dispatches in April after a high-push March! The drop in dispatches also reflect the high base of last year, higher dealer stock levels, weakening demand for small cars, and the start of the general elections.
Passenger Vehicle sales to be impacted in May 2024 as well due to the ongoing elections model code of conduct in place - it will slow down cash transactions and overall transactions shall be affected. Do note that the pent up bookings have also dropped drastically due to increased supplies and improvement in semiconductor supplies.
Maruti Suzuki volumes also remained flat in Apr’24 vs. the same period last year and dropped by 9.7% vs last month. It any how continue to lead the Indian PV market with over 40% Market Share.
Hyundai retained the second spot from Tata Motors and recorded growth of 1% YoY. It lost Market Share by -0.7%. It recorded sales of 50,201 vehicles in April 2024, up from 49,701 vehicles sold in April 2023. Almost 70% of the company’s volumes have come from SUVs, with cars like Exter, Creta and Venue leading the numbers.
Tata Motors registered sales of 47,885 units in April 2024, up from 47,010 units sold in April 2023, recording a slight increase. The OEM reported a growth of 2% YoY in sales and is fighting closely for the second spot.
M&M registered 18.2% YoY growth with total sales of 41,008 units in April 2024 compared to 34,694 units sold in April 2023. Mahindra was the only OEM to record growth over March 2024 and is now gearing up to leverage on the launch of XUV 3X0 (Next gen XUV300) and gain more volumes in the Sub-4m SUV space.
