The festive season saw a sudden boost in new car sales in October 2023, with top brands like Maruti Suzuki, Hyundai, Tata, Mahindra and Kia commanding over 86.88% market share. Among these, Maruti Suzuki holds a whopping 43% share and has been maintaining its position as the leading car manufacturer in India.
Maruti Suzuki saw a growth of 19.75% in sales with 1,68,047 units sold in October, while last year October, the numbers were 1,40,337 units. Apart from the Year-on-Year, the Month-on-Month also saw some double-digit growth of 11.43% from 1,50,812 units sold in September to 1,68,047 units sold last month.
Apart from that, Maruti Suzuki also reported export sales of 21,951 units which is 7% up from last year’s 20,448 units in October.
Following Maruti Suzuki, Hyundai also saw double-digit sales growth of 14.85% with 55,128 units sold in October 2023 while the numbers were much less at 48,001 units in October 2022. Apart from that the MoM also saw a small 1.64% growth from September to October.
Tata occupies the third spot following Maruti Suzuki and Hyundai with 48,337 units sold last month. The YoY growth was 6.90% while the MoM growth stood at 7.77%.
Now, with the top 3 you can see the type of growth and dominance Maruti Suzuki has in the Indian Automobile Industry. If you compare their growth rate and sales figures, you will know the gap between Maruti and the rest of the brands in India. Even though Hyundai is in second place in terms of sales and growth, there’s a huge gap between it and Maruti and the former is only close to Tata in terms of competition.
Affordability, Brand Value and Trust, Quality and reliability of cars and a wide range of service centres and support network plays a core role in helping Maruti Suzuki climb to the top and gain a dominant spot comparable to what Max Verstappen currently has in F1.
Nonetheless, almost all the brands have enjoyed growth both on a YoY and MoM basis this festive season except Citroen, which since its debut in India has been facing losses. Nissan has also faced losses as well when compared on a YoY basis. Toyota on the other hand upped their game in India recently, resulting in a YoY growth of 53% in October.