In CY 2024, the top 4 car brands certainly dominated the industry volumes as they recorded their highest yearly sales ever
India’s passenger vehicle market in 2024 witnessed notable changes with Maruti Suzuki maintaining its dominant lead, selling 1,755,423 units, a 3 per cent YoY growth. Hyundai followed in the second position with 605,433 units, reflecting a marginal 1 per cent growth. Tata Motors secured the third spot, recording a 2 per cent growth with 562,482 units.
Collectively, these top three brands captured a combined market share of 68 per cent, reinforcing their position as market leaders. Mahindra stood out with an impressive 22 per cent YoY growth, selling 528,453 units, solidifying its fourth position with a 12 per cent market share.
Toyota followed closely with a remarkable 36 per cent growth, achieving sales of 300,159 units and capturing 7 per cent of the market. Kia, despite a 4 per cent decline in sales to 245,000 units, maintained its 6 per cent market share, rounding out the top six. The bottom four brands in the top 10 faced varied fortunes. Honda suffered a steep 19 per cent decline, selling 68,658 units.
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| Top 10 Car Brands In 2024 (YoY) | 2024 Sales | 2023 Sales | Market Share |
|---|---|---|---|
| 1. Maruti Suzuki (3%) | 1,755,423 | 1,707,668 | 41% |
| 2. Hyundai (1%) | 605,433 | 602,111 | 14% |
| 3. Tata (2%) | 562,482 | 550,871 | 13% |
| 4. Mahindra (22%) | 528,453 | 432,876 | 12% |
| 5. Toyota (36%) | 300,159 | 221,356 | 7% |
| 6. Kia (-4%) | 245,000 | 255,000 | 6% |
| 7. Honda (-19%) | 68,658 | 84,286 | 2% |
| 8. MG (8%) | 61,214 | 56,902 | 1% |
| 9. Volkswagen (-3%) | 42,000 | 43,481 | 1% |
| 10. Renault (-14%) | 41,729 | 48,321 | 1% |
MG bucked the trend among smaller players, posting an 8 per cent growth to reach 61,214 units. Volkswagen recorded a slight dip of 3 per cent with 42,000 units sold, while Renault saw a more significant drop of 14 per cent, selling 41,729 units.
Mahindra and Toyota emerged as the big winners in 2024, gaining market share with impressive growth of 22 per cent and 36 per cent respectively. Their success boosted market share by 1.8 per cent and 1.6 per cent, standing out in a year where most other players saw declines. The top six car producers utterly dominated the market, leaving little to no room for others.
Also Read: Record Car Sales In December 2024 Leads To New High: Details
While 2024 marked record sales for the top four automakers like Maruti Suzuki, Hyundai, Tata and Mahindra, Toyota, and MG also endured their highest domestic volumes in a single calendar year. However, brands like Honda, Renault, Skoda, Citroen and Jeep have certainly struggled as you can see in the charts.
Info Source: Autopunditz
