In August 2024, the top six automakers sold 331,000 vehicles (93.47% market share), while the bottom eight auto brands sold only 23,136 vehicles (6.53% market share)
The entire PV market was in a slump in August 2024. Heavy rains across the country, flooding major markets in Gujarat and Kerala, dampened buyer sentiment, leading to lower showroom traffic and higher inventory at company dealerships. Vehicle sales fell to 3,54,267 units last month from 3,60,230 units in August 2023. It is down 1.7% year-on-year. However, month-on-month sales were up 3.3% from 3,43,026 units in July 2024.
August 2024 Auto Sales – YoY and MoM
Despite a year-on-year decline in sales, Maruti Suzuki once again topped the list with a huge margin. Sales in August 2024 were 1,43,075 units, down from 1,56,114 units sold in August 2023. On the other hand, monthly sales were up 4.1% compared to 1,37,463 units sold in July 2024. The company’s market share fell 3% year-on-year to 40.4% compared to 43.3% in the same period last year.
Hyundai and Tata Motors continue to battle for the coveted second spot, with Hyundai leading with 5,383 units sold. Hyundai sold 49,525 units last month, down 8% from 53,830 units sold in the same period last year. Month-on-month sales were flat, with 49,013 units sold in July 2024. The Creta, Venue and Exter continue to be the key growth drivers for the company, which recently expanded the Creta range to also include the Knight Edition with an all-black colour scheme.
Tata Motors’ sales declined both year-on-year and month-on-month. Sales fell 3% year-on-year and 1.3% month-on-month to 44,142 units. 45,515 units and 44,727 units were sold in August 2023 and July 2024, respectively.
Bucking the trend of declining year-on-year demand among the top three automakers, Mahindra and Toyota posted outstanding sales performances at the end of August 2024. Mahindra sales increased by 16.1% year-on-year and 4% month-on-month to 43,277 units, taking its market share to 12.2%. Mahindra is on the verge of overtaking Tata Motors to grab the third spot. Toyota’s sales also increased by 36.3% year-on-year to 28,589 units, compared to 20,970 units sold in August 2023, but fell by 3.2% month-on-month compared to 29,533 units sold in July 2024. Market share improved significantly by 2.2% to 8.1% in the past month.
Kia, ranked sixth, also saw sales rise by 17.2% year-on-year and 9.8% month-on-month to 22,523 units. The 2024 Kia Sonet Facelift played a major role in these sales gains. The company recently added the 2024 Kia Gravity Edition to the Sonet, Carens, and Seltos, and is now preparing to expand its portfolio with the new Carnival and EV9.
Honda sales fell 32.4% year-on-year to 5,326 units in August 2024, compared to 7,880 units sold in August 2023. However, month-on-month sales increased by 15.2% from 4,624 units sold in July 2024. The MG car range has been well received and with the launch of the new Windsor CUV, the range is set to get even more exciting. Sales rose 9.2% year-on-year to 4,571 units last month, compared to 4,185 units sold in August 2023, while month-on-month sales were flat. MG cars currently hold a 1.3% market share.
Volkswagen, Renault, Skoda, Nissan
Lower down the sales chart were Volkswagen (3,577 units), Renault (3,018 units), Skoda (2,772 units) and Nissan (2,257 units), all of which saw year-on-year sales decline. However, their month-on-month performances were more positive. Citroen sales increased 121.4% to 1,257 units, the highest year-on-year growth among automakers on the list. Month-on-month sales also soared 280.6%. Jeep sales also rose 13.7% year-on-year and 23.2% month-on-month to 340 units.
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