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Tata Punch Achieves Leading Sales In Compact SUVs While Hyundai Creta Tops Midsize Segment In FY2024
In the compact SUV, Tata Punch emerged as the leader, while Hyundai Creta topped the midsize SUV segment. Despite a decline in hatchback and sedan sales, utility vehicles (UVs) have maintained double-digit growth, providing stability for car manufacturers. In the first five months of the current financial year (April-August), UV sales reached 44% of their total for FY2024.
Utility Vehicles' Market Performance
During FY2024, a record 4.21 million passenger vehicles were sold, with UVs making up 60% of this figure. From April to August, carmakers dispatched 1.10 million UVs to showrooms, marking a 15% increase compared to the same period last year. This segment accounted for 63% of overall passenger vehicle sales, which totaled 17,39,044 units; its share was 57% a year ago.
The top six UV manufacturers collectively dispatched 10,35,667 units from April to August, achieving a significant 94% market share in this segment. Their sales increased by 17% year-on-year during this period.
Top-Selling SUVs and MPVs
The Tata Punch led compact SUV sales with 88,109 units sold from April to August 2024, a remarkable increase of 48% from the previous year. Following closely were Maruti Brezza and Fronx with sales of 78,337 and 59,967 units respectively. The Hyundai Venue saw a decline in sales by 13%, selling only 46,262 units.
In the midsize SUV category, Hyundai Creta sold 80,514 units during the same period, growing by 13%. Mahindra Scorpio followed with a significant rise of 39%, selling 66,855 units. Meanwhile, Maruti Grand Vitara experienced a slight drop in sales by 5%, reaching only 45,484 units.
Performance of MPVs
The list also includes four MPVs: Toyota Innova Crysta/Hycross with sales of 44,662 units and Maruti Ertiga at an impressive growth rate of 52%, selling 77,620 units. Kia Carens and Maruti XL6 recorded declines in their sales figures by approximately 11%, reaching only around mid-20 thousand units each.
The Mahindra XUV700 showed a positive trend with an increase of 21%, selling over thirty-three thousand units. On the other hand, Kia Seltos faced a decline in demand by about ten percent.
The data highlights that despite challenges in other segments like hatchbacks and sedans, utility vehicles continue to thrive in India’s automotive market. This trend underscores their importance as key drivers for car manufacturers amidst changing consumer preferences.
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