India PV Sales in March 2025 Grow 4.5% YoY, Skoda Hits All-Time Record

Around 3.85 lakh passenger vehicles were sold in India during March 2025, up by 4.5% from March 2024 and 1.4% over February 2025.

March usually witnesses a spurt in automobile sales due to corporate purchases to claim depreciation allowances and customers bringing forward their purchases to save from the increase in prices generally effected in April. This time, the festival season of Gudi Padwa in the West and Ugadi in the South also added to the sales rhythm. The trend was also observed in Vahan registration figures, which registered a 4.6% hike compared to March 2024 and a major 14.1% spike from February 2025.

OEM rankings also underwent significant changes in March, with Hyundai regaining the second spot in wholesales from Mahindra. The battle for the No. 2 position is still a closely fought one among Hyundai, Mahindra, and Tata. Interestingly, whereas Hyundai was second in wholesale numbers, it fell to fourth place in Vahan-based registrations, with Tata Motors taking the second spot there.

Except for Telangana, all other states now report to the Vahan portal, which makes publicly available data that gives insight into real end-customer vehicle registrations.

​Škoda India registered an impressive record by shipping 7,422 units during March 2025, the highest-ever monthly sales for Škoda in India. It was also the first time Škoda has crossed the 7,000-unit mark in a month since its 25 years of Indian operations. With the Kylaq SUV that will triple Škoda's volumes in the country, the firm is looking to clock annual sales between 75,000 and 1 lakh units and establish India as its second-largest market in the world after Germany.

The YoY analysis shows overall industry growth of 4.5% with total dispatches of 3,85,842 units in March 2025, compared to 3,69,381 units in March 2024. Among the top OEMs, Maruti Suzuki continues to dominate the market, although it witnessed a 1.3% decline in volumes. Hyundai also recorded a dip of 2.2%, but both brands remain firmly positioned at the top. Tata Motors saw a modest 3.0% growth, while Mahindra posted a strong 18.3% rise, thanks to sustained demand for its SUVs. Toyota and Kia too registered double-digit growth at 13.0% and 19.2%, respectively.

Notably, Skoda experienced a massive 164.9% surge, possibly due to ramped-up production or a successful new launch. Honda also showed a slight recovery at 2.2% growth. MG Motor, Volkswagen, and Nissan witnessed marginal improvements or stability, while Renault, Citroen, and Jeep suffered significant declines, with Citroen down by a staggering 59.5%, indicating weakening brand presence or supply constraints.

Compared to the previous month (Feb 2025), the overall industry grew by 1.4%, reflecting a marginal uptick in wholesale numbers as the fiscal year ended. However, Maruti Suzuki saw a notable 6.2% decline, likely due to inventory correction or reduced demand. In contrast, Tata and Hyundai saw healthy MoM increases of 11.2% and 8.6%, respectively, strengthening their positions in the top three.

Toyota, Kia, VW, and MG also recorded month-on-month growth, with MG's numbers jumping 37.5%, indicating strong momentum in retail or fleet segments. Skoda and Honda both surged over 28%, possibly due to cleared backlogs or end-of-quarter pushes. Meanwhile, Citroen posted an impressive 51.9% rise, albeit on a very small base. Mahindra saw a 4.7% decline, potentially impacted by supply-side issues. Jeep remained stagnant with negligible movement.

In terms of market share dynamics, Maruti Suzuki continues to lead with a 39.1% share, though it lost 2.3 percentage points compared to the previous year, which is a signal of increasing competition. Hyundai and Tata also shed market share slightly, dropping by 0.9% and 0.2%, respectively. The biggest gainer here is Mahindra, which jumped 1.5%, driven by its SUV-heavy lineup. Kia and Toyota improved their shares by 0.8% and 0.6%, reinforcing their strong presence in compact SUV and MPV segments.

Skoda’s share more than doubled, going from 0.8% to 1.9%, likely due to recent success with models like the Slavia and Kushaq. On the other hand, Renault, Citroen, and Nissan lost ground, with Renault’s share dropping from 1.1% to 0.7%. Honda, MG, VW, and Jeep showed minimal change, though MG and Skoda show signs of being on a growth trajectory. Overall, the market is seeing a steady shift towards SUV-focused and value-driven players.

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