Most Selling Car Brand in August 2024

In India car sales have been declining over the years and it has been stated that people are not buying cars as they used to. According to data the Car Manufacturers has reduced the dispatch numbers to dealerships from 1.7-3% from the previous year of the same month. They dispatched 3,52,000 units in August 2024 compared to last year with 3,61,123 units. Stocks are piling up at the dealerships and there are over 6 lakh cars in the Inventory worth 70,000 crores.

It happened only in the case of mid range passenger cars and the main reason is reducing purchasing power of average middle class people. That’s why the majority of car brand sales are declining in the market. Although few brands are bouncing back and have positive sales growth in both MoM and YoY. 

Brands like Mahindra and Toyota are showing growth meanwhile brands like Skoda and Honda are in huge decline. 

Car Brand Sales YoY Analysis: August 2024

Maruti Suzuki is always on top of the charts even if its sales are declining and if you look closely you can see a pattern in the car sales market where day by day SUVs/Crossovers are capturing more market share. And brands which have a decent and updated SUV lineup are doing great in the market. 

For Example Mahindra, Hyundai, and Tata SUVs are performing well for example if you see Hyundai Creta and Tata Punch they lead the most selling car chart in India and meanwhile Mahindra’s Scorpio N and Scorpio Classic are in Huge Demand.

Car Brands MoM Sales Analysis for August 2024

MoM sales scenario is different from YoY sales as most of the brands are positive and the negative ones are with small margins. 

Car Brands Market Share in August 202

The data provides a comparison of market shares (MS) of various OEMs (Original Equipment Manufacturers) in the Indian automotive market for August 2024 versus August 2023, showing both growth and decline in their market shares.

Maruti Suzuki remains the market leader with 40.4% share in August 2024, although it has experienced a decline of -3.0% from August 2023. This indicates a shrinking dominance but still a major player in the market.

Hyundai holds the second position with 14.0%, but like Maruti, it has seen a decrease of -1.0% in market share, suggesting competitive pressures.

Mahindra has seen a notable increase, growing by 1.9% to hold 12.2% of the market. This rise could be attributed to its focus on SUVs and growing consumer preference for this segment.

Toyota has achieved the highest growth rate of 2.2%, reaching 8.1%. The brand's increasing popularity, potentially driven by successful launches like the Toyota Hilux and Fortuner, might explain this surge.

Kia also gained 1.0%, reaching 6.4% market share, showing continued success in the competitive compact SUV segment.

Marginal Players with Stability

MG (1.3%), VW (1.0%), Renault (0.9%), and Nissan (0.6%) showed either minor changes or stability, with MS changes ranging from 0.0% to -0.2%. These brands hold smaller but stable positions in the market, with limited fluctuations.
Citroen has shown minor growth of 0.2%, reflecting its gradual entry into the Indian market.

Declining Market Share

Honda experienced a significant decline of -0.7%, now holding 1.5%. The brand appears to be struggling, potentially due to fewer new launches in key segments.

Skoda's share has reduced by -0.4%, bringing it down to 0.8%, which could be due to limited offerings in mass-market segments.

Brands like Mahindra, Toyota, and Kia, which focus heavily on SUVs, have experienced significant market share growth. This trend highlights the ongoing shift in consumer preference towards SUVs over hatchbacks and sedans.

Several brands such as Honda, VW, and Renault, which primarily focus on compact cars or fewer models, have witnessed either stagnation or decline in their market share.

Also Read: Most Selling Car Model in August 2024 in India