Around 3.6 Lakh passenger cars were sold in the Indian market in August 2023. The sales increased by almost 10% when compared to August last year and shot up by 2.4% in comparison to July 2023.
August 2023 saw the onset of the festive season with Onam being celebrated in the Southern part of India (Kerala). The automakers were gearing up for the festivities and the dispatches increased accordingly to leverage on the fervor. The country shall celebrate Janmashtami and Ganesha Chaturthi in Sep'23, Dusshera in Oct'23, and Diwali in Nov'23. The OEMs are anticipating an upsurge in demand and even the new launches are aligned accordingly. Honda Elevate, Toyota Rumion dispatches started last month.
Maruti Suzuki's product onslaught has helped it increase its Market Share significantly this year. It is notable that Maruti has launched multiple models to compete with other competition models across segments. Ex: Fronx with Punch, Jimny with Thar, Grand Vitara with Creta/Seltos/Kushaq/Taigun/etc. Maruti has gained the highest Market Share this year and is slowly inching towards 45% MS! The OEM gained a mammoth 2.4% Market Share and grew 16.4% YoY.
Hyundai touched the 50k mark again and was supported by the newly launched Exter. It grew 8.7% YoY, however lost 0.2% MS.
Tata saw a decline of -3.5% volumes YoY in August 2023. It would have been primarily due to phasing out the old Nexon. The OEM also lost 1.7% Market Share last month.
Mahindra is gradually working towards bridging the volume gap with Tata Motors. M&M recorded dispatches of 37,270 units in Aug'23 and grew an impressive 26.5% YoY and also gained 1.4% Market Share.
The race for No.5 is now very interesting. Both Toyota and Kia are fighting tooth and nail for the spot. Toyota gained No.5 rank in Aug'23 and recorded 40.2% YoY growth.
Market Share Graph of August 2023 -