Indian passenger vehicle market fuel-mix analysis : H1 2024

Highlights

• CNG passenger vehicle sales grew by 59% in H1 2024, with a market share of 16.4%

• Diesel passenger vehicle sales were stable at 17.6% of the Indian PV market, with 8% growth

• Petrol vehicle sales de-grew by 2%, with a reduced market share of 61%

Market

Petrol

Petrol vehicle sales de-grew by 2% with a market share loss of 6%. This is because CNG gained share in the lower price segment due to a softening of CNG prices and wider offerings.

Maruti controls 48% of the petrol car market, with Maruti Baleno being the best seller. The average petrol car sales price was close to ₹ 9.8 lakh.

Diesel

The diesel segment is strongly dominated by large SUVs and crossovers. As diesel engines offer low running costs, uncompromised performance, and the practicality of long-distance cruisers.

Sales of bigger cars take the average car sales price to ₹ 18.2 lakhs. Mahindra is the undisputed leader with 54% of the diesel vehicle market due to its wide array of UV offerings, followed by Hyundai-Kia with a 24% share.

Growth was driven by higher sales of Mahindra Scorpio and Thar, followed by Toyota Innova Crysta diesel, available only with manual transmission now.

CNG

The CNG car segment grew by 59% in H1 2024 to register a share of 16.4%. Growth was largely driven by new products like Tata Punch with dual-CNG tank, and Maruti Fronx, both launched in H2-2023. The rest of the growth came from higher sales of Maruti products: Ertiga (+19%), Dzire (+12%) and Brezza (+10%).

CNG still caters to low-value product offerings with an average sales price of ₹ 8.9 lakhs, with a large contribution from fleet operators.

Maruti remains a dominant player with 72% of the CNG market share, and Maruti Ertiga (MUV) was the best seller at 14% and the preferred choice among fleet operators.

BEV & HEV (Strong-hybrid)

We have covered this extensively in the BEV and HEV analysis reports - Here.