Hyundai Overtakes Tata Motors in Indian Auto Market with a Strong Record Sales

Hyundai Photo by RAPHAEL MAKSIAN on Unsplash
Hyundai Photo by RAPHAEL MAKSIAN on Unsplash

Hyundai Overtakes Tata Motors in Indian Auto Market with Record Sales


Highlights

  • Maruti Suzuki maintains its lead in the Indian auto market, reporting robust sales of 1,52,718 passenger vehicles in March 2024 and a notable 9.5% growth in FY24.
  • Hyundai surpasses Tata Motors to reclaim the second position, achieving record sales of 7,77,876 vehicles in FY24, including strong export figures.
  • Tata Motors slips to third place despite recording a 14% year-on-year growth in March 2024, while Mahindra sees positive growth and MG Motor experiences a decline in sales.

 

The Indian automotive industry is abuzz with the latest sales figures for March 2024 and the fiscal year 2023-24, showcasing a positive trend for most manufacturers. Maruti Suzuki continues to lead the pack, while Hyundai has reclaimed the second position from Tata Motors, achieving its highest-ever sales.

Maruti Suzuki Maintains Dominance

Maruti Suzuki, India’s largest car manufacturer, reaffirmed its dominance by reporting sales of 1,52,718 passenger vehicles in March 2024, marking a robust 15% year-on-year growth compared to March 2023. Throughout the fiscal year 2023-24, Maruti Suzuki sold a staggering 17,59,881 vehicles, reflecting a commendable 9.5% increase from the previous fiscal year. The success is attributed to the strong performance of compact models like the Brezza, Ertiga, Fronx, and Grand Vitara, which witnessed a significant 75% surge in sales.

Hyundai Hits Record Sales Milestone

According to Business Insider, Hyundai has emerged as the second-largest player in the Indian automotive market, showcasing impressive sales figures for March 2024. With domestic sales reaching 53,001 vehicles, marking a 5% growth compared to March 2023, Hyundai has achieved a new milestone. Additionally, the company’s exports witnessed a commendable 16% increase, further bolstering its position. For the fiscal year 2023-24, Hyundai recorded record sales of 7,77,876 vehicles, signifying an 8% growth from the previous fiscal year. This includes robust export figures of 1,63,515 vehicles, underscoring Hyundai’s strong presence in international markets.

Tata Motors Secures Third Position

Tata Motors, which briefly held the second position in February 2024, has now slipped to third place. Despite reporting sales of 50,297 vehicles in March 2024, reflecting a commendable 14% year-on-year growth, Tata Motors couldn’t maintain its position. However, the company’s annual sales for the fiscal year 2023-24 stood at 5,73,495 vehicles, demonstrating a respectable 6% increase. Notably, Tata Motors witnessed a decline in commercial sales during the fiscal year, highlighting areas for improvement.

Mixed Performance for Mahindra and MG Motor

Mahindra and Mahindra showcased positive growth in domestic dispatches, with sales increasing by 13% from March 2023 to March 2024. The company’s annual sales for the fiscal year 2023-24 reached 4,59,877 vehicles, marking an impressive 28% growth compared to the previous fiscal year. Meanwhile, MG Motor reported a decline in sales, with figures dropping from 6,051 vehicles in March 2023 to 4,648 vehicles in March 2024.

Overall, the Indian automotive industry continues to witness dynamic shifts in market positions, with companies striving to adapt to changing consumer preferences and market dynamics. With Hyundai reclaiming its position as the second-largest player and recording its highest-ever sales, the competition in the Indian auto market is poised to intensify further.

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