July 2024 Car Sales: A Mixed Bag For Indian Automotive Brands

Published: Tuesday, August 6, 2024, 11:01 [IST]

The Indian car market in July 2024 exhibited varied performances among different brands. Total sales for the month reached 3,43,026 units, marking a slight decline of 2.52% compared to 3,51,908 units in July 2023.

Maruti Suzuki retained its leading position with a significant 40.07% market share, selling 1,37,463 units. However, this represented a year-on-year (YoY) decline of 9.64%, with 14,663 fewer units sold than in July 2023.

Hyundai maintained its second place with a 14.29% market share and sold 49,013 units, experiencing a marginal YoY decline of 3.33%, translating to 1,688 fewer units sold.

Car Sales July 2024 – YoY Comparison

Tata Motors held a 13.04% market share by selling 44,727 units in July 2024. This was a decrease of 6.09%, with sales dropping by 2,903 units compared to the same month last year. Mahindra showed strong performance with a notable YoY growth of 14.96%, selling 41,623 units—an increase of 5,418 units from the previous year—capturing a 12.13% market share.

Toyota recorded the highest YoY growth among major players with an impressive increase of 42.27%. The company sold 29,533 units in July 2024, which is an addition of 8,774 units compared to July last year, securing an 8.61% market share.

Kia also demonstrated steady growth with a sales increase of 2.52%, selling 20,507 units compared to last year's figure of 20,002 units and holding a market share of 5.98%.

Honda experienced a slight decline in sales by selling only 4,624 units in July this year compared to last year's figure of 4,864 units—a drop of about 4.93%. The brand's market share stands at approximately 1.35%. MG (Retail) saw an even larger decline of around 8.78%, with sales falling from last year's figure of 5,012 to just about 4,572 units this year.

Car Market Share July – MoM Comparison

Volkswagen faced a significant drop in sales by about ten per cent; they sold only around three thousand four hundred seven vehicles this July compared to three thousand eight hundred fourteen last year—resulting in a market share reduction to just under one per cent (0.99%).

Renault experienced substantial declines as well; their sales fell by over twenty-one per cent from three thousand six hundred seven vehicles last year down to two thousand eight hundred thirty-two this year.

Skoda had the steepest decline among all brands; their sales plummeted by fifty per cent—from four thousand two hundred seven vehicles last year down to just two thousand one hundred three this year—resulting in their market share shrinking significantly too (0.61%).

Nissan saw modest declines; they sold around two thousand eleven vehicles this July compared against two thousand hundred fifty-two last year—a drop amounting to roughly six-and-a-half per cent (0.59%).

Citroen also experienced declines; they managed only three hundred thirty-five vehicle sales this July versus three hundred eighty-eight last year—a reduction nearing fourteen per cent (0.10%).Jeep faced severe declines too; their vehicle sales dropped drastically—from four hundred forty-one last year to merely two seventy-six this time—a massive reduction nearing thirty-seven-and-a-half per cent (0.08%).

Overall Market Performance

In July 2014, the car market in India experienced a decrease in total unit sales by 8,882 compared to the same period in the previous year, representing a decline of approximately 2.5%

This showcases the competitive nature of the Indian automotive sector, with some brands like Mahindra and Toyota showing significant growth, while others like Maruti Suzuki and Skoda experienced notable declines. This indicates a varied performance trend across the industry during the specified period.