Car Retail Sales FY24 vs FY23 – Maruti, Hyundai, Tata, Mahindra, Kia, Toyota, Skoda VW, Mercedes, BMW

The passenger vehicle (PV) segment remained strong in the financial year 2024 to record a total of 39,48,143 units. This was against 36,40,399 units sold in FY2023 relating to a volume growth of 3,07,744 units. The list was led by Maruti Suzuki, Hyundai, Tata Motors, Mahindra, Kia and Toyota each of which, with the exception of Kia, have reported their best ever fiscal sales. The demand for SUVs continues unabated while a slowdown in demand was seen for vehicles in the hatchback and sedan categories.

As per data released by Federation of Automobile Dealers Associations (FADA) for sales through FY2024. Every sector has seen outstanding growth. While the 2W segment grew by 9 percent, 3Ws saw a 49 percent improvement while PV and CV sales were up 8.45 percent and 5 percent respectively. Speaking exclusively of the PV segment, new model launches, several facelifts, and more emphasis paid to the SUV segment has stood it in good stead. Prominence paid to launch of hybrids and electric vehicles has also played a significant part in its growth.

Maruti Suzuki once again claimed a lion’s share in this segment with 16,05,264 units sold in FY2024, up from 14,90,202 units sold in FY2023. Currently commanding a market share of 40.66 percent, the company saw several new launches in the past year among which were the Maruti Jimny, Fronx, and Invicto along with several facelifts. Upcoming launches are set to include the company’s first-ever fully electric vehicle – eVX, sometime later this year.

At No. 2 was Hyundai with 5,61,371 units sold in FY2024, a volume growth of 33,890 units over 5,27,481 units sold in FY2023. In FY2024, Tata Motors sold a total of 5,38,264 units, up from 4,92,122 units sold in FY2023. With a market share at 13.63 percent, the company has been in constant competition for a No.2 spot with Hyundai. Tata Motors has cemented its position as a leader in the EV space in the PV segment and models such as the Punch and Nexon continue to be major contributors.

With its portfolio packed with high in-demand SUVs, Mahindra has recorded sales of 4,24,570 in FY2024, a 23 percent YoY growth over 3,26,213 units sold in FY2023. Mahindra has a portfolio packed with many SUVs