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AUTO PUNDITZ

Q1 2024: Indian Passenger Vehicle market Fuel-Mix Analysis

Highlights

  • CNG passenger vehicle sales grew by 88% in Q1 2024, with a market share of 14.5%.

  • Diesel passenger vehicle sales were stable at 17.3% of the Indian PV market, with 11% growth.

  • Petrol vehicle sales growth was a mere 1%, with a market share loss of 6.7%.



Market


Petrol

Petrol vehicle sales growth was a mere 1%, with a market share loss of 6.7%. This is because in the lower price segment, CNG gained share due to a softening of CNG prices and wider offerings.


Maruti controls 50% of the petrol car market, with Maruti Baleno being the best seller. The average petrol car sales price was close to ₹ 9.8 lakh.


Diesel

The diesel segment is strongly dominated by SUVs and crossovers due to their large size and higher weight because diesel engines offer low running costs, uncompromised performance, and the practicality of long-distance cruisers.


Sales of bigger cars take the average car sales price to ₹ 18.3 lakhs. Mahindra is the undisputed leader with 54% of the diesel vehicle market due to its wide array of UV offerings, followed by Hyundai-Kia with a 24% share.


Even in the luxury segment, Mercedes and JLR have over 55% and 65% diesel mix, respectively, which is especially beneficial for their large SUVs. BMW, however, has seen a drop to 31% due to higher sales of its BEV product range.


CNG

With the introduction of multiple new products by Maruti, Hyundai and an innovative dual-tank solution by Tata, coupled with unhindered supply and softening of CNG prices - the CNG car segment grew by 88% in Q1 2024 to register a share of 14.5%.


CNG still caters to low-value product offerings, having an average sales price of ₹ 9.1 lakhs with a large contribution coming from fleet operators.


Maruti remains a dominant player with 70% of the CNG market share, and Maruti Ertiga was the best seller at 14% and the preferred choice among fleet operators.


BEV & HEV (Strong-hybrid)

We have covered this extensively in the BEV & HEV analysis report which will be published shortly.

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