Car Retail Sales Oct 2024 - Close Fight Between Hyundai, Tata, and Mahindra

Sales of the car retailing market jumped sharply in October 2024, primarily due to festive season demand, discounts, and new products. The passenger vehicle segment, more so the SUV segment, saw an upsurge, hence YoY and MoM growth. Maruti Suzuki emerged as the clear winner of the month again, though Hyundai, Tata, and Mahindra were like hawks in their fight for second position, with some impressive sales growth figures.

Stellar Growth on All Fronts

Car retail sales in October 2024 stood at 4,83,159 units, growing by a remarkable 32.38% YoY from 3,64,991 units in October 2023. MoM growth was also impressive at 75.26% from 2,75,681 units in September 2024. The market has been maintaining an upward trend, with a Year-to-Date (YTD) growth of 6.57%, which indicates a healthy recovery for the car retail sector.

Leader at The End, Maruti Suzuki 

While not a surprise for one, in terms of car sales of October 2023, the market leader of cars sold is Maruti Suzuki, with 1,99,675 units being sold, up by as many as 51,913 units from that registered in October 2023, 1,47,762 units. For the brand, their share slightly rose to 41.33%, compared to 40.48% this past year. Maruti Suzuki, again combined with this festive season, buoyed those strength figures through its SU model and other SUVs.

Hyundai stayed at the second position in the list, as it sold 67,981 units in October 2024 against 52,170 in the same month of the previous year, with a gap of 30.31%. Its market share has eased down to 14.07% from 14.29%, which the automobile major had in October 2023. 

Relatively, Tata Motors seems to have done very well, as the sales figure went as high as 65,011 units in the month of October 2024 while it was 49,798 units in the month of the previous year, recording a YoY growth of 30.55%. 

Mahindra also did well and especially so with its highly sought-after SUVs. The company sold 58,120 units, which is an impressive YoY growth of 55.91% over the 37,277 units it sold during October 2023.

The sales battle in October becomes quite interesting with Hyundai, Tata, and Mahindra fighting neck and neck for the second position since all these three brands have continued to attract attention from buyers with the successful SUV models.

Other Companies Experience Mixed Results

Kia India managed to close October with decent sales, at 28,612 units compared to last year's 21,958 units. That is a 30.30% growth in October sales for Kia India. Toyota, closely followed, sold 28,121 units during October and recorded a 44.51% rise over the 19,459 units it had sold in the same month last year. Skoda/VW Group did its best by selling 8,571 units, just a slight increment of 8,234 units that were sold during the same month last year.

On the other hand, sales of Honda dropped to 7,087 units for the month of October 2024. Its yearly drop was placed at 17.29%. However, this will surely reverse in the coming months due to the launch of its latest Amaze sedan in December 2024. Another brand that showed a 26.77% increase in sales due to the variants of the SUV Hector. The latter posted from 4,296 units in October 2023 up to 5,446 units last month.

Luxury Brands on the Rise

At the premium level, Mercedes-Benz and BMW reported strong growth. In October 2024, at the premium level, Mercedes-Benz recorded a 30.42% growth in sales of 1,792 units compared to the same period last year at 1,374 units. BMW was on an upswing too, with 1,475 units sold against last year's 1,165 units in October 2023, with a 26.61% growth.

Other Notable Performances

Citroen, Force Motors, and JLR also saw good growth in October 2024. The sales of Citroen rose to 780 units from 737 units. Likewise, Force Motors sold 740 units as compared to 670 units last year. Modest growth was seen for Jaguar Land Rover (JLR), which sold 484 units last October as compared to 442 units.

On the negative side of the scale, sales remained flat at Volvo, with only 160 units sold in October compared to 186 units during the same month last year. Sales in the "others" category decreased from 3,803 units in October 2023 to 1,195 units.

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