Indian Car Brand Sales in October 2024: Maruti Losing Market Share to Mahindra

In October sales numbers, we all can notice a change in MoM sales growth as it was the festive season. Unfortunately two of the brands like Honda and Kia still faced difficulty not only in YoY sales but also in monthly sales. Honda is struggling in the market as demand for Sedans are decreasing and on top of that they haven’t released any new model or major update. But Honda is about to launch its new gen Honda Amaze so let’s see how it will perform in the market because it will also clash with the all new Maruti Dzire.

Now the question is what happened with Kia? As they have the SUV lineup like Sonet, Seltos and Carens but still they are lagging behind. One of the major reasons could be the juggle between ICE and EVs where the brand is not able to focus on a single line. On the other hand they have also launched Kia Carnival and EV9 which is quite expensive and has less number of buyers.

Let’s talk about the major players in the market– Maruti, Hyundai, Mahindra and Tata. In this festive season all these brands have got decent attention. Where Maruti has a monthly growth of 10% and Tata with 17.2%. Hyundai and Mahindra have slightly lower MoM growth compared to these two but they also have positive YoY growth unlike Maruti and Tata. In terms of market share Mahindra is growing faster than everyone because of their SUV lineup.

It’s time to talk about the dark horse– JSW MG as they have shown the maximum MoM growth of 53.6% and 37.9% of YoY growth. All these happened because of their EV lineup and MG Windsor EV played a significant role with the Battery-as-a-Service (BaaS) model. They are able to make EVs at an affordable price.

Year-over-Year (YoY) Growth Analysis

The total number of cars sold in October 2024 increased from 390,853 units in October 2023 to 397,947 units in October 2024, representing a 1.81% YoY increase. Despite differences between particular brands, this rise suggests a consistent demand across the industry. Important points to note are:

Some companies had double-digit percentage gains, indicating significant demand and perhaps successful model launches or refreshes. Other brands saw notable year-over-year growth.
One brand had a notable reduction in YoY growth, while a couple others experienced slight declines. This drop can be an indication of shifting consumer tastes, the effects of competition, or shifts in market dynamics.

Month-over-Month (MoM) Growth Analysis

Between October 2024 and September 2024, overall sales increased 10.99%, from 358,530 units to 397,947 units, according to the MoM comparison. This significant rise is usually ascribed to increased demand brought on by holiday seasons and year-end marketing campaigns. Important revelations include:

Positive MoM growth was seen by several companies, some of which saw large gains as a result of new releases, improved manufacturing, or dealership strategy.

Only modest MoM increase was seen by several brands, which would indicate steady demand with no seasonal impact.

Overall Market Trend

The YoY and MoM gains point to a strong October 2024 automobile market supported by seasonal demand and a number of companies' strategic positioning. The market's capacity to adjust to both seasonal and recurrent influences is highlighted by the low YoY increase combined with the greater MoM spike.