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Best Selling Car Brands in November 2024 in India

By
Mohit Kumar
Mohit Kumar
|Updated on:06-Dec-2024 07:26 AM

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ByMohit Kumar

Updated on:06-Dec-2024 07:26 AM

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SUVs and EVs boost November 2024 auto sales with 5.0% YoY growth. Toyota, Mahindra, and MG Motor excel, while Hyundai and Honda face challenges.

Best Selling Car Brands in November 2024 in India

If we compare car brand YoY sales to the last month of October. The Indian passenger vehicle market showed 5% of  YoY growth in November whereas in October it was a decline of 5%, with total sales rising from 334,868 units in November 2023 to 351,592 units in November 2024. However, on a month-on-month (MoM) basis, total sales declined by 11.6%, reflecting the seasonal slowdown post-festive season and supply chain adjustments.

Key Sales Highlights

Best Selling Car Brands in November 2024 in India

Top Performers (YoY Growth)

  • Toyota emerged as the biggest gainer with a stellar 48.8% YoY growth, selling 25,183 units compared to 16,924 units in November 2023.
  • Mahindra continued its upward trajectory, registering a 15.6% YoY growth, driven by the popularity of its SUV portfolio.
  • MG Motor saw significant growth of 44.9% YoY, bolstered by strong demand for its EVs and compact SUVs. 

Decliners (YoY)

  • Honda faced the steepest YoY decline of 42.7%, struggling due to its limited SUV offerings.
  • Kia and Hyundai recorded declines of 9.5% and 2.4%, respectively, amidst heightened competition.

MoM Declines

Every car manufacturer saw a decline in MoM sales because of obvious reasons. As the previous month October was a festive season with discounts, offers and customers buying mindset on the auspicious moment.

On a MoM basis, all OEMs experienced sales dips, with Volkswagen and Skoda facing the sharpest declines of 32.0% and 29.2%, respectively. Market leader Maruti Suzuki recorded an 11.5% MoM dip, though it maintained its dominant market share of 40.2%.

Market Share Dynamics

Maruti Suzuki’s Dominance

Maruti Suzuki retained its top position with a 40.2% market share, a slight increase of 0.1% YoY, driven by its diverse product range.

Toyota’s Rise

Toyota achieved the most significant market share gain, rising by 2.1% YoY to 7.2%, reflecting robust demand for hybrid and SUV models.

SUV-Driven Growth

Mahindra’s market share grew by 1.2% YoY to 13.1%, reaffirming the dominance of the SUV segment.

Struggles for Hyundai and Kia

Hyundai’s market share declined by 1.0% YoY to 13.7%, while Kia saw a drop of 0.9% YoY to 5.9%, amidst increasing competition in compact SUVs.

Honda’s Market Share Collapse

Honda’s market share shrank by 1.2% YoY, falling to 1.4%, impacted by a lack of competitive offerings in the growing SUV segment.

Analysis and Insights

Year-on-Year Resilience

The market's 5.0% YoY growth underscores the sustained recovery post-pandemic, with SUVs and EVs driving consumer demand.

Post-Festive Slowdown

The 11.6% MoM decline is consistent with typical market trends following a festive surge. Supply chain challenges and inventory adjustments further contributed to the dip.

SUV and EV Boom

OEMs with strong SUV lineups, such as Toyota and Mahindra, or a focus on EVs, like MG Motor, outperformed competitors. Conversely, players reliant on sedans or lacking SUVs, such as Honda, struggled to maintain momentum.

Hyundai and Kia’s Decline

Despite their strong market presence, these brands are facing stiff competition from newer entrants and established players in the SUV segment.

Looking Ahead

As the industry heads into December, OEMs are expected to roll out aggressive year-end promotions to boost sales and clear inventories. The growing consumer preference for SUVs and EVs is expected to further shape market dynamics, with players like Mahindra, Toyota, and MG Motor well-positioned to capitalize on these trends.

With a YoY growth trajectory intact and strong performance from key segments, the Indian passenger vehicle market remains on a solid footing, despite the November slowdown.


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