Maruti leads car retails, Tata closes gap with Hyundai, Mahindra shines in FY24

Like wholesales, the retail sales of passenger vehicles (PV) reached an all-time high in India in FY24 owing to improved vehicle availability, better model mix and the launch of new models. While the country's largest carmaker, Maruti Suzuki India, was at the top of the leaderboard, Tata Motors was able to improve its market share and close the gap with Hyundai Motor India. Mahindra & Mahindra continued to drive on the growth trajectory.

The PV retails in India grew 8.45% year-on-year (y-o-y) at 3,948,143 units in FY24 from 3,640,399 units in FY23, according to the latest data from the industry body Federation of Automobile Dealers Associations (FADA).

FADA President Manish Raj Singhania said FY24 was a milestone year for the PV segment. «Enhanced supply dynamics, strategic marketing efforts, ever-expanding quality road infrastructure and strong demand in the SUV segment, now holding a 50% market share, significantly contributed to this success,» he added.

Maruti retailed 1,605,264 units in FY24 against 1,490,202 units in FY23. Although the Brezza-maker's sales increased, its market share dipped slightly to 40.66% in the last fiscal from 40.94% in the previous fiscal.

It was again a close contest between Hyundai and Tata. While Hyundai sold 561,371 units, Tata's retail sales stood at 538,264 units in FY24. In FY23, the Creta-maker retailed 527,481 units compared to 492,122 units by the Nexon-maker. The gap narrowed down to 23,107 units in FY24 from 35,359 units in FY23.

Concerning the Hyundai-Tata rivalry, another noticeable point here is that Hyundai's market share slipped a bit to 14.22% in FY24 from 14.49% in FY23. On the other hand, Tata's market share increased from 13.52% in FY23 to 13.63% in FY24.

Boosted by its strong SUV portfolio, Mahindra's sales rose from 326,213 units in FY23 to 424,570 units in FY24. The robust growth in retails led to a handsome enhancement in the market share to 10.75% in the last fiscal from 8.96% in the previous fiscal.

It was a rather underwhelming performance from Kia Motors as its sales as well as market share took a hit. While the retails dropped to 225,539 units in FY24 from 235,435 units in FY23, the market share shrunk to 5.71%