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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.
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.
Top Performers (YoY Growth)
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%.
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.
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.
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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