Highlights:
Mahindra (+1.8%) and Toyota (+1.6%) gained significant market share by posting 22% and 36% growth, respectively
Besides them, every other player has lost market share
The top six brands control 93% of the Indian passenger vehicle market
Maruti, Hyundai, Tata, Mahindra, Toyota, and MG posted their best-ever sales in 2024
OEM/Manufacturer wise analysis
Mahindra (+1.8%) and Toyota (+1.6%) gained significant market share
Maruti, Hyundai, Kia, and Honda have lost considerable market share among top players
Honda, Renault, Skoda, Citroen, and Jeep have suffered massive de-growth in 2024
The race for the No.2 position has heated up among Hyundai, Tata, and Mahindra in the second half of 2024
The Indian market remains highly consolidated, with the top 6 players commanding 93% market share
Profitability of brands was deeply impacted in Q3 2024 due to heavy discounting on products to prop up demand
Hyundai Motor India came up with India’s largest IPO ever, raising $3.3 billion in 2024
Chinese automaker SAIC has divested a 51% stake in its subsidiary MG India to Indian investors led by JSW Group