CY2024 Car Sales Analysis: Winners, Losers, and Market Trends

Highlights of CY2024

1. Mahindra and Toyota Shine
   • Mahindra posted an impressive 22% growth, gaining +1.8% market share.
   • Toyota saw a stellar 36% growth, gaining +1.6% market share.
2. Losses Across the Board
   • Apart from Mahindra and Toyota, every other automaker lost market share in 2024.
   • Honda (-19%), Renault (-14%), Skoda (-28%), and Jeep (-36%) faced significant de-growth.
3. Top Players Dominate
   • The top six brands—Maruti, Hyundai, Tata, Mahindra, Toyota, and Kia—control a commanding 93% of the market.
   • These brands reported record-breaking sales in 2024, cementing their positions as industry leaders.
4. Consolidated Market
   • The Indian market remains highly consolidated, with smaller players struggling to make a significant impact.
5. Intense Competition for No.2 Spot
   • Hyundai, Tata, and Mahindra are locked in a fierce battle for the second position, particularly in the latter half of the year.

2024 Sales Statistics

Key Industry Developments in 2024

1. Hyundai’s Historic IPO
   Hyundai Motor India launched the country’s largest IPO, raising $3.3 billion, marking a significant milestone for the automaker.
2. SAIC Divests Stake in MG India
   Chinese automaker SAIC sold a 51% stake in MG India to Indian investors, led by the JSW Group, in a bid to localize operations further.
3. Profitability Concerns
   The profitability of many brands took a hit in Q3 2024 due to aggressive discounting aimed at driving demand.
4. Record-Breaking Sales
   Maruti, Hyundai, Tata, Mahindra, Toyota, and MG posted their best-ever sales figures, underlining strong consumer demand despite challenges.

Emerging Trends in the Indian Automotive Industry

• Surge in SUV Demand: The Indian market has seen a substantial increase in SUV sales, with SUVs accounting for over 50% of car sales. This trend is driven by consumer preferences for vehicles that offer a blend of practicality, performance, and style.
• Revival of Diesel Vehicles: Despite a global shift towards greener alternatives, there has been a noticeable revival in the demand for diesel-powered vehicles in India, attributed to their fuel efficiency and torque advantages, particularly in larger vehicle segments like SUVs.
• Expansion of the Electric Vehicle (EV) Segment: The Indian EV market is on a growth trajectory, with sales reaching 1.94 million units in CY2024, marking a 27% year-on-year increase. This growth is supported by government incentives, increased consumer awareness, and the introduction of new models by various manufacturers.

_{Note: Stats sourced from Autopunditz}