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Around 3.72 Lakh passenger cars were sold in the Indian market in February 2024. The sales increased by 11% when compared to February last year and declined by over 5% in comparison to January 2024. It anyhow crossed the 3.7 Lakh dispatch figures and turned out to be another record month. It was the third highest-ever monthly sales and all-time best February!
It is anticipated that the actual retails (sales from dealers to end customers) was lower than dispatches (OEMs to dealers) and would have added inventory in the channel. The Automobile OEMs would be under pressure to increase dispatches as they approach the financial year end to meet the yearly targets. March is usually a good month for car sales as customers would be wanting to avail depreciation benefits and also avoid the price hike that generally happens in April.
Maruti Suzuki volumes grew by 8.7% in Feb’24 vs. the same period last year and dropped by 3.9% vs last month. It however lost 1.1% Market Share in Feb'24 vs Feb'23.
Tata Motors ousted Hyundai from the second spot and grew the highest among the Top 3 OEMs in Feb 2024. The Indian auto major was also able to increase its Market Share by 1% YoY.
Hyundai India slipped to third place and it recorded domestic sales of 50,201 units in February 2024. The race for the second position in OEM ranking has become all more interesting with Hyundai & Tata fighting for it neck-to-neck.
M&M registered 40.3% YoY growth with total sales of 42,401 units in Feb 2024 compared to 30,221 units sold in Feb 2023. Mahindra has been rising up the sales ladder very strongly and is now inches away of the 50k sales mark. It also gained the highest Market Share in Feb'24.
Toyota regained its fifth position and ousted Kia by just 3,100 units. It also recorded a 1.7% Market Share growth in Feb'24 vs Feb'23.
Market Share Graph of February 2024 -
