Around 3.91 Lakh passenger cars were sold in the Indian market in October 2023. The sales increased by over 16% when compared to October last year and by 7.7% in comparison to September 2023. The Industry registered a record high in Oct'23 and was the fourth consecutive month where it crossed the 3.5 Lakh mark!
The festive season was bound to peak in October 2023 citing Dusshera last month and Diwali in early November. All OEMs have catapulted supplies in Oct'23 considering the buoyant festive demand and high pending order bank. The dealers are now carrying more than adequate stock to cater to the customer demand and for certain models, the stocks are as high as 60 days. However, the PV industry reported a drop of -1.4% in terms of registrations reported in Vahan (Data sourced from FADA). It seems the festive demand was not as high as anticipated and the stock spillover is expected for Nov'23.
Maruti Suzuki grew by 19.7% in Oct'23 vs. the same period last year. The OEM also had one of the highest Market Share growth in Oct'23.
Hyundai reported a YoY growth of 14.8% and grew by just 1.6% vs last month. Owing to Exter, the OEM has been able to maintain its Market Share and also widen gap with Tata.
Tata Motors has lost ground even with the launch of New Nexon, Harrie & Safari. It reported one of the highest Market Share loss in Oct'23.
Mahindra recorded the highest sales for the third consecutive month! It is now tailing Tata very closely and its Market Share also shot up by a mammoth 1.6% in Oct'23.
Kia regained its fifth spot from Toyota and has benefited by the success of the New Seltos.
Market Share Graph of October 2023 -