Car sales were about 3.5 lakh in May 2024 – This was a 4% YoY growth and a 3.5% MoM growth
The Indian car market witnessed a modest growth of 4.03% year-on-year in May 2024, with total car sales reaching 3,49,054 units compared to 3,35,531 units in May 2023. Despite challenges, several automakers saw significant sales increases, contributing to the overall positive trend.
Car Sales May 2024 – Maruti Maintains Market Dominance
Maruti Suzuki continued to lead the market, selling 1,44,002 units in May 2024, a slight increase of 0.20% from 1,43,708 units in May 2023. This modest growth secured Maruti’s dominant market share of 41.25%, reaffirming its position as the top-selling car manufacturer in India. Next up, Hyundai’s sales increased by 1.13% year-on-year, reaching 49,151 units in May 2024 compared to 48,601 units in May 2023. This growth helped Hyundai maintain a market share of 14.08%.
At no 3, Tata Motors experienced a 1.79% rise in sales, with 46,697 units sold in May 2024 compared to 45,878 units in May 2023. Tata’s market share stood at 13.38% in May 2024. Catching up to Tata, Mahindra emerged as a standout performer with an impressive 31.42% year-on-year growth. The company sold 43,218 units in May 2024, a substantial increase from 32,886 units in May 2023. This surge boosted Mahindra’s market share to 12.38%.
Toyota’s sales rose by 17.39%, from 20,410 units in May 2023 to 23,959 units in May 2024. This notable increase secured Toyota a market share of 6.86%. Kia recorded a 3.91% increase in sales, selling 19,500 units in May 2024 compared to 18,766 units in the previous year. Kia’s market share in May 2024 was 5.59%. Honda experienced a 3.48% growth in sales, with 4,822 units sold in May 2024 compared to 4,660 units in May 2023. Honda’s market share stood at 1.38%.
MG Motor (Retail) reported a 4.73% decrease in sales, with 4,769 units sold in May 2024 compared to 5,006 units in May 2023. This decline resulted in MG’s market share of 1.37%. Renault’s sales dropped by 19.81%, from 4,625 units in May 2023 to 3,709 units in May 2024, reducing its market share to 1.06%.
Volkswagen (VW) experienced a slight decline of 0.40% in sales, with 3,273 units sold in May 2024 compared to 3,286 units in May 2023. VW’s market share was 0.94%. Skoda saw an 18.69% decrease in sales, with 2,884 units sold in May 2024 compared to 3,547 units in May 2023. This decline brought Skoda’s market share to 0.83%.
Nissan experienced a 15.55% decline in sales, with 2,211 units sold in May 2024 compared to 2,618 units in May 2023, resulting in a market share of 0.63%. Citroen’s sales plummeted by 36.10%, with 515 units sold in May 2024 compared to 806 units in May 2023, leading to a market share of 0.15%. Jeep recorded the steepest decline, with sales dropping by 53.13%, from 734 units in May 2023 to 344 units in May 2024. Jeep’s market share was 0.10%.
Car Sales May 2024 – MoM Comparison
Car sales reported a steady month-on-month growth of 3.56% in May 2024, with total car sales reaching 3,49,054 units compared to 3,37,068 units in April 2024. Maruti Suzuki led the market with a robust growth of 4.39%, selling 1,44,002 units in May 2024 compared to 1,37,952 units in April 2024. Hyundai’s sales dropped by 2.09%, from 50,201 units in April 2024 to 49,151 units in May 2024. Tata Motors also saw a decrease of 2.48%, selling 46,697 units in May compared to 47,883 units in April.
Mahindra recorded a notable growth of 5.39%, with sales rising to 43,218 units in May 2024 from 41,008 units in April 2024. Toyota experienced the highest month-on-month growth among major manufacturers, with a 28.12% increase in sales, rising to 23,959 units from 18,700 units. Kia’s sales slightly declined by 2.34%, from 19,968 units in April 2024 to 19,500 units in May 2024, resulting in a market share of 5.59%, down from 5.92%. Honda, on the other hand, saw a significant increase of 10.83%, selling 4,822 units in May compared to 4,351 units in April, improving its market share to 1.38%.
MG Motor (Retail) reported a 6.33% increase in sales, with 4,769 units sold in May 2024 compared to 4,485 units in April 2024, maintaining a market share of 1.37%. Renault’s sales remained almost flat with a slight increase of 0.05%, selling 3,709 units in May compared to 3,707 units in April, keeping a stable market share of 1.06%.
Volkswagen (VW) saw a growth of 7.35%, with sales rising to 3,273 units in May from 3,049 units in April, resulting in a market share of 0.94%, up from 0.90%. Skoda recorded an 11.83% increase in sales, from 2,579 units in April to 2,884 units in May, boosting its market share to 0.83%. Nissan faced an 8.03% decline in sales, dropping to 2,211 units in May from 2,404 units in April, reducing its market share to 0.63%.
Citroen, however, posted a significant increase of 27.48%, selling 515 units in May compared to 404 units in April, increasing its market share to 0.15%. Jeep saw a decrease of 8.75%, with sales falling to 344 units in May from 377 units in April, resulting in a market share of 0.10%.
