Car Sales in March 2023 | Maruti 8 percent decline where as Honda Cars 7 percent growth since last year

According to several dealer surveys, there has been a sharp decline in inquiries and footfalls in the passenger vehicle space in recent weeks. As a result, waiting periods have also reduced, and the passenger vehicle market is currently under pressure.

In contrast, the medium and heavy commercial vehicle segment is experiencing good demand in March 2023, as there is a lot of pre-buying happening due to an impending price hike on April 1st. The price hike, which is expected to be between three to five per cent, is a result of new emission norms coming into effect. Therefore, March is expected to see a boost in sales for M&HCVs.

Maruti, the market leader, is expected to witness an eight per cent decline in total sales due to the ongoing pressure on the passenger vehicle industry.

This decline is primarily driven by the significant drop in sales of mini and compact vehicles, excluding utility vehicles and vans, as compared to March 2022. The decline in sales has also had a slight impact on overall domestic sales, including commercial vehicles.

While Maruti Suzuki witnessed a decline of almost 50% in its sales to other Original Equipment Manufacturers (OEMs) like Toyota, the company's exports surged during the same period, balancing out the volume deficit created in the domestic market. This resulted in a minimal decline of just 324 units in total sales for the company.

Tata's Nexon, Punch, and Harrier Lead to Record-Breaking Annual Sales in FY 2023!

Tata Motors, a leading automobile manufacturer in India, achieved its highest-ever annual sales in FY 2023 by selling 538,640 passenger vehicles between April 2022 and March 2023, exhibiting a YoY growth of 45.43 per cent as compared to 370,372 units sold in FY 2022. Despite being the third-largest player in the PV segment after Maruti Suzuki and Hyundai, Tata Motors continues to make its presence felt with its remarkable growth.

The sales growth was primarily driven by the success of Tata's SUVs, namely Nexon, Punch, Harrier, and Safari, which recorded their highest-ever annual sales and contributed over 66 per cent to the total volume.In March 2023, Tata Motors' domestic passenger vehicle sales, including both ICE and EV, reached 44,044 units, a growth of four per cent over the 42,293 units sold in March 2022.

The company also witnessed a five per cent growth in its export volumes, contributing 181 units to the overall volumes. The automaker's electric vehicle sales have been on the rise, growing by 89 per cent in the last month to 6,509 units from 3,452 units in March 2022.

The impressive growth of Tata Motors in the PV segment can be attributed to its strong product portfolio and its focus on electric vehicles, which is in line with the Indian government's vision for a sustainable future.Maruti Suzuki recorded stagnant total dispatches due to a decline in sales in the domestic market.

Maruti Suzuki India Ltd., a leading automobile company in India, recorded a total dispatch of 1.70 lakh units to dealerships in March 2023, with no significant change compared to the previous year.

The domestic sales of Maruti Suzuki experienced a slight decline in the mini and compact segment, which consists mostly of hatchbacks. Sales in this segment fell by over 14% to 83,714 units, which was unexpected by analysts who had predicted a growth of over 1% year-on-year. This slowdown in sales was particularly evident in the mini and compact vehicle categories.

Maruti Suzuki March Sales (YoY):

Domestic sales fell nearly 2.7% to 1.40 lakh units.Utility vehicle sales jumped 48% to 37,054 units.Exports rose 13.7% to 30,119 units.Total dispatches in FY 23 rose 19% to 19.66 lakh units.

Honda Cars India records annual sales growth of 7% in FY 22-23 Registers 17 % growth in export volumes in FY 22-23

Mumbai, April 1, 2023: Honda Cars India Ltd. (HCIL), a leading manufacturer of premium cars in India, registered annual domestic sales of 91,418 units during FY 22–23, recording 7% growth over the last financial year. The company sold a total volume of 85,609 units during FY 21-22.

HCIL exported a total volume of 22,722 units during FY 22-23 as compared to 19,401 units in FY 21-22, registering over 17% of growth.

Sharing thoughts on the fiscal year sales performance, Mr Yuichi Murata, Director, Marketing and Sales, Honda Cars India Ltd said, “We are pleased to report that our sales for the Financial Year 2022-23 have met our expectations. Honda Cars India has achieved a domestic sales growth of 7%, driven by the strong and positive sales momentum of our models specifically the Amaze and City. The Amaze’s sales have grown by 33% in the last fiscal year being one of the most preferred family sedans in India.

The Honda City continues its legacy of success by being the largest-selling mid-size sedan in the country last year. Our sincere gratitude to our customers, dealers and suppliers for their strong support of the Honda brand in India. Our export performance also has been very good in FY 22-23 with a growth of 17%.” He further added, “Despite the persistent challenges posed by the global chip shortage and its impact on production volumes, the Indian automobile industry has had one of its strongest years in terms of sales. We believe that India holds significant potential and anticipate even greater demand in the years ahead."

The company registered monthly domestic sales of 6,692 units and export of 3,189 units in Mar’23 against 6,589 units in domestic sales and 2,243 units of export in Mar’22.

About Honda Cars India Ltd.

Honda Cars India Ltd. (HCIL), a leading manufacturer of premium cars in India, was established in December 1995 with a commitment to provide Honda’s passenger car models and technologies, to Indian customers. HCIL’s corporate office is based in Greater Noida, UP and its state-of-the-art manufacturing facility is located at Tapukara, District. Alwar, Rajasthan.

Honda’s models are strongly associated with advanced design and technology, apart from their established qualities of durability, reliability, safety and fuel efficiency. The company has a strong sales and distribution network spread across the country.

Besides the new car business, Honda offers one-stop solution for buying and selling pre-owned cars through its business function Honda Auto Terrace. The Honda Certified Pre-owned cars come with an assurance of quality and peace of mind that caters to the diverse and burgeoning needs of pre-owned car buyers across the country.