Indian Car Brand Sales in September 2024

From the last month there are few fluctuations in the sales chart where few brands have been struggling and only few with a marginal MoM growth. Only Mahindra has shown amazing performance in both YoY and MoM.

The automotive sales data for September 2024 highlights various trends in India's passenger vehicle market. With a slight decline in overall year-on-year (YoY) sales and a modest month-on-month (MoM) growth, the industry reflects both challenges and opportunities for different OEMs (Original Equipment Manufacturers).

The total sales for September 2024 stood at 3,58,879 units, marking a 1.1% decline YoY from 3,62,836 units in September 2023. However, compared to August 2024, the market witnessed a 1.3% increase in sales. The market share shifts reveal changing dynamics, with Mahindra emerging as a significant gainer, while Maruti Suzuki's dominance slightly waned.

Car Brand Sales in India in September 2024

Maruti Suzuki: A Small Setback

• YoY Analysis: Maruti Suzuki, the largest player in the Indian car market, registered 1,44,962 units in September 2024, down 3.9% YoY from 1,50,812 in September 2023.
• MoM Analysis: Despite the YoY decline, Maruti Suzuki saw a 1.3% growth MoM, increasing from 1,43,075 units in August 2024 to 1,44,962 units.
• Market Share: Maruti's market share dropped from 41.6% in September 2023 to 40.4% in September 2024, marking a -1.2% decrease.
  

Insights

​Maruti Suzuki remains the market leader but faces stiff competition as its market share dropped slightly, reflecting increased challenges from other OEMs. One of the major reason for Maruti fall is increasing sales of sub-compact SUVs in the Indian Market.

Hyundai: Slight Decline in Market Share

• YoY Analysis: Hyundai's sales declined by 5.8% YoY, from 54,241 units in September 2023 to 51,101 in September 2024.
• MoM Analysis: On a monthly basis, Hyundai posted a 3.2% growth, up from 49,525 units in August 2024 to 51,101 in September.
• Market Share: Hyundai's market share fell to 14.2% in September 2024 from 14.9% a year ago, reflecting a -0.7% change.
  

Insights:

​Hyundai continues to maintain its second position but faces pressure due to declining YoY sales and a reduction in market share. The Hyundai do not have decent lineup of passenger cars, the only SUV which is shining is Hyundai Creta and other models like Hyundai Venue and Exter but not with great margin.

Mahindra: Strongest Gainer

• YoY Analysis: Mahindra emerged as a significant gainer, registering a 23.7% YoY growth, with sales increasing from 41,267 units in September 2023 to 51,062 units in September 2024.
• MoM Analysis: Mahindra also posted a strong 18% MoM growth, with sales jumping from 43,277 units in August 2024 to 51,062 in September.
• Market Share: Mahindra's market share surged to 14.2%, up from 11.4% in September 2023, marking a 2.9% increase.
  

Insights:

​Mahindra's robust performance reflects the growing demand for its SUV lineup, helping the brand gain a significant market share and rise in the rankings.

Tata Motors: Facing Challenges

• YoY Analysis: Tata Motors experienced a 8.4% YoY decline, with sales dropping from 44,810 units in September 2023 to 41,065 in September 2024.
  
• MoM Analysis: The company also posted a 7% decline MoM, with sales falling from 44,142 in August 2024 to 41,065 in September.
  
• Market Share: Tata's market share declined by 0.9%, from 12.3% to 11.4% YoY.
  

Insights:

​Tata Motors faces headwinds in maintaining sales momentum, with notable declines both YoY and MoM, signaling potential challenges in its product lineup.

Toyota: YoY Growth, MoM Decline

• YoY Analysis: Toyota recorded a 7.4% YoY growth, with sales increasing from 22,168 units in September 2023 to 23,802 units in September 2024.
• MoM Analysis: However, the company saw a 16.7% MoM decline, as sales dropped from 28,589 units in August 2024.
• Market Share: Toyota's market share improved by 0.5%, rising from 6.1% in September 2023 to 6.6% in September 2024.
  

Insights:

​Toyota managed to grow YoY, but its sharp MoM decline suggests that demand may have softened, possibly due to fluctuations in consumer interest in certain models.

Kia: Solid Performance

• YoY Analysis: Kia posted an impressive 17.5% YoY growth, with sales rising from 20,022 units in September 2023 to 23,523 units in September 2024.
  
• MoM Analysis: On a monthly basis, Kia saw a 4.4% increase, up from 22,523 units in August 2024.
  
• Market Share: Kia's market share climbed to 6.6%, up from 5.5% in September 2023, a 1.1% increase.
  

Insights:

​Kia's strong growth reflects its expanding presence in the Indian market, with its product lineup resonating well with consumers.

Other OEMs: Mixed Results

• Honda: Registered a significant 42.5% YoY decline, with sales falling from 9,861 to 5,675. However, MoM sales rose by 6.6%.
  
• MG: Posted a 8.3% YoY decline but had a stable MoM performance with a 0.4% increase.
  
• Volkswagen (VW): Saw a YoY decline of 4.9% and a slight 5.1% MoM drop.
  
• Skoda: Posted a 18.1% YoY decline, but saw a 19.1% MoM growth, rebounding from August figures.
  

Insights:

These OEMs show varied performances, with some facing significant YoY declines but modest MoM improvements, signalling potential recovery in upcoming months.

Conclusion: Market Shifts in Play

The Indian automotive market witnessed mixed results in September 2024, with some OEMs gaining market share while others struggled with declining sales. Mahindra stands out as the strongest performer, while Maruti Suzuki and Hyundai face challenges despite maintaining their positions at the top. The overall market saw a 1.1% YoY decline, but the 1.3% MoM growth suggests potential recovery moving forward.