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Around 3.7 Lakh passenger cars were sold in the Indian market in March 2024. The sales increased by almost 10% when compared to March last year and declined by 0.8% in comparison to February 2024.
Mar'24 was the last month of FY2024 and the Passenger Vehicle Sales registered a record 42.16 Lakh dispatches! The OEMs would have also pushed dispatches to achieve their yearly targets. Many manufacturers posted their all-time high FY sales and cemented India's position as the world's third-largest Passenger Vehicle market.
Anyhow, March is also a good month for car sales as customers would want to avail depreciation benefits and avoid the price hike that happens in April. We also foresee a declining trend as dispatches have been on a downward trend consistently for the past 3 months.
Maruti Suzuki volumes grew by 15% in Mar’24 vs. the same period last year and dropped by 4.7% vs last month. It also gained a 1.8% Market Share in Mar'24 vs Mar'23.
Hyundai regained the second spot from Tata Motors and recorded growth of 4.7% YoY. It lost Market Share by -0.7%.
Tata Motors slipped to third place and it recorded domestic sales of 50,105 units in March 2024. The OEM has been tailing Hyundai very closely and is expecting a surge back in the IPL season (Tata is the primary sponsor again in this year's IPL edition).
M&M registered 12.9% YoY growth with total sales of 40,631 units in March 2024 compared to 35,976 units sold in March 2023. Mahindra is now gearing up to showcase the XUV3x0 (Next gen XUV300) and gain more volumes in the Sub-4m SUV space.
Toyota retained its fifth position and maintained the lead from Kia by 3,719 units. It also recorded a 1.2% Market Share growth in Mar'24 vs Mar'23.
Market Share Graph of March 2024 -
