Federation of Automobile Dealers Associations (FADA) reveal Maruti, Hyundai and Tata continued as the 3 best-selling car OEMs in May 2024 with a combined market share of 68.22%
Positive sentiments continued through the automotive sector with retail sales up 2.61% in May 2024. While growth was seen across the two wheeler and three wheeler segments by 2.5% and 20% respectively, commercial vehicle retails grew by 4% on a YoY basis. It had a negative impact across the passenger vehicle and tractor segments, both of which suffered a 1% YoY decline in retail sales.
Car Retail Sales May 2024 – Maruti Suzuki Leads
Decline is likely due to unprecedented heat waves across the country and market liquidity. Various discounts and exchange offers by OEMs also failed to stir up sales. However, the future seems bright with new model launches and several discounts being extended to the month of June 2024.
Passenger vehicle retail sales dipped by 0.96% on a YoY basis to 3,03,358 units as against 3,06,305 units sold in May 2023. It was also a 9.48% MoM decline over 3,35,123 units sold in April 2024. Most OEMs, especially those in the luxury car segment, showed off a YoY decline in sales.
Once again the undisputed leader was Maruti Suzuki with retail sales at 1,20,954 units, a growth over 1,20,150 units sold in May 2023. Market share improved from 39.23% to 39.87% on a YoY basis with its utility vehicle segment which included Brezza, Ertiga, Invicto and Fronx, gaining more traction over models in its mini and compact segments. There was however a significant decline in MoM sales as compared to 1,36,915 units sold in April 2024.
Hyundai, Tata Motors and Mahindra have each posted lower YoY retail sales in May 2024. Hyundai sales dipped to 44,456 units in the past month from 46,378 units sold in May 2023. The newly-launched Creta facelift remained the best-selling model in the company portfolio. Tata Motors also suffered a YoY de-growth to 41,550 units as against 42,516 units sold in the corresponding month last year. Tata Motors electric vehicle lineup held a prominent place in terms of sales while the new Curvv EV could bring in added impetus to this segment.
Mahindra has registered retail sales at 33,024 units in May 2024, down from 34,144 units sold in May 2023 while it commanded a 10.89% market share. Kia sales improved to 18,759 units last month, a growth over 17,278 units sold in May 2023. Kia Carens crossed an important sales milestone last month. The sales list also had Toyota (18,208 units), Skoda (6,278 units), Honda (4,745 units) and MG Motor (4,323 units). Renault and Nissan have posted a YoY decline in retail sales to 3,627 units and 2,021 units respectively.
Luxury Car Sales May 2024
The luxury car segment has suffered severe de-growth in retail sales last month. Mercedes Benz continued to lead the segment with 1,182 units sold in May 2024 down from 1,214 units sold in the same month last year. BMW India retail sales also dipped to 948 units from 985 units on a YoY basis. JLR (303 units) and Volvo (160 units) retail sales also dipped on a YoY basis.
Force Motors sales improved to 732 units in May 2024 from 506 units sold in May 2023. Citroen (439 units) and Jeep (346 units) saw significant YoY decline while BYD India sales improved to 163 units in the past month from 146 units sold in May 2023. There were others in this segment that saw sales fall to 1,184 units in May 2024 from 2,591 units sold in the corresponding month of 2023.
