Top-Selling Car Brands In India - March 2024 Car Sales Analysis - YoY, MoM Change, 6-Month Trend | V3Cars

In this March 2024 car sales analysis article, we’ll look at the manufacturer-wise sales figures along with the YoY and MoM change for each carmaker in India. We’ll also include our observations based on the sales data and possible reasons behind a massive increase or drop in sales where applicable. Lastly, the table with monthly sales for the last 6 months will give you an idea about the 6-month sales trend of car sales for all manufacturers.

Brand-Wise March 2024 Car Sales Analysis

Brand-Wise March 2024 Car Sales - YoY Change

  • Maruti Suzuki Maintains Growth: 
    • Maruti Suzuki, a prominent player in the Indian automotive market, continues its growth trend with a 3.37% increase in sales compared to March 2023. Despite already high sales volumes, Maruti Suzuki manages to sustain positive growth, indicating its strong market position and consumer demand.
  • Tata Shows Significant Growth: 
    • Tata Motors demonstrates notable growth with a 13.75% increase in sales compared to the same period last year. This growth might be attributed to successful launches, effective marketing strategies, and a diverse product portfolio catering to different segments of the market.
  • Hyundai Records Moderate Growth: 
    • Hyundai registers a moderate growth of 4.75% in sales compared to March 2023. While the growth rate is lower compared to Tata, it still reflects a positive trend for the brand, showcasing steady consumer demand and effective product offerings.
  • Maruti Nexa Surges in Sales: 
    • Maruti Nexa, a premium retail network of Maruti Suzuki, experiences a remarkable surge in sales with a staggering 53.26% increase year-over-year. This substantial growth indicates the success of Maruti's premium segment offerings and possibly the shifting preferences of Indian consumers towards more premium vehicles.
  • Toyota and Mahindra Witness Strong Growth: 
    • Both Toyota and Mahindra exhibit strong growth performances with increases of 35.18% and 12.94%, respectively. These brands may have benefited from new product launches, enhanced marketing efforts, or favorable market conditions.
  • Mixed Performance for Foreign Brands: 
    • Kia records a slight decline of 0.47%, indicating stable sales performance compared to the previous year. However, MG, Renault, Volkswagen, Nissan, Skoda, Citroen, and Jeep witness varying degrees of decline in sales. These brands might face challenges such as stiff competition, supply chain issues, or changes in consumer preferences.
  • Significant Declines for Some Brands:
    • MG, Skoda, Citroen, and Jeep experience significant declines ranging from -21.6% to -50.07%. These brands might need to reassess their strategies, product offerings, or market positioning to regain momentum and competitiveness in the Indian market.

BRAND-WISE MARCH 2024 CAR SALES

YOY CHANGE

Brand

Mar 2024

Mar 2023

Change

% Change

Trend

Maruti Suzuki

1,05,166

1,01,736

3,430

3.37%

Tata

50,105

44,047

6,058

13.75%

Hyundai

53,001

50,600

2,401

4.75%

Maruti Nexa

47,552

31,027

16,525

53.26%

Mahindra

40,631

35,976

4,655

12.94%

Toyota

25,119

18,582

6,537

35.18%

Kia

21,400

21,501

-101

-0.47%

Honda

7,071

6,692

379

5.66%

MG

4,648

6,411

-1,763

-27.5%

Renault

4,225

5,389

-1,164

-21.6%

Volkswagen

3,529

3,900

-371

-9.51%

Nissan

2,701

3,260

-559

-17.15%

Skoda

2,787

4,432

-1,645

-37.12%

Citroen

1,006

2,015

-1,009

-50.07%

Jeep

425

680

-255

-37.5%

Brand-Wise March 2024 Car Sales - MoM Change

  • Mixed Performance for Leading Brands: 
    • Maruti Suzuki, the leading brand in the Indian automotive market, experiences a decline of 4.9% in sales compared to the previous month. Similarly, Tata and Maruti Nexa also witnessed decreases of 2.27% and 4.31%, respectively. This indicates a temporary slowdown in sales for these brands, possibly influenced by factors such as seasonal variations, inventory management, or market saturation.
  • Hyundai Records Strong Growth: 
    • Hyundai stands out with a notable increase of 5.58% in sales compared to March 2024. This significant growth suggests successful marketing strategies, attractive product offerings, or heightened consumer interest in Hyundai vehicles during the month.
  • Toyota and Kia Show Positive Momentum: 
    • Toyota and Kia both demonstrate positive momentum with increases of 7.81% and 5.94%, respectively. These brands may have introduced new promotions, incentives, or product enhancements that resonated well with consumers, leading to increased sales volumes.
  • Volkswagen and Skoda Experience Significant Growth: 
    • Volkswagen and Skoda exhibit substantial growth rates of 16.89% and 23.65%, respectively. These brands may have benefited from successful product launches, effective marketing campaigns, or improved brand perception in the market.
  • Citroen and Jeep Witness Remarkable Surges: 
    • Citroen and Jeep experience remarkable surges in sales, with Citroen recording a staggering 138.95% increase and Jeep witnessing a notable 28.4% rise. These sharp increases could be attributed to factors such as the introduction of new models, aggressive marketing initiatives, or favorable consumer sentiment towards these brands during the month.
  • Honda, MG, Renault, and Nissan See Mixed Results: 
    • Honda, MG, Renault, and Nissan observe mixed results with marginal changes in sales volumes. While Honda and Nissan experience slight declines, MG and Renault record modest increases. These brands may need to reassess their strategies to maintain or improve sales performance amidst competitive market conditions.

BRAND-WISE MARCH 2024 CAR SALES

MoM CHANGE

Brand

Mar 2024

Feb 2024

Change

% Change

Trend

Maruti Suzuki

1,05,166

1,10,579

-5,413

-4.9%

Tata

50,105

51,270

-1,165

-2.27%

Hyundai

53,001

50,201

2,800

5.58%

Maruti Nexa

47,552

49,693

-2,141

-4.31%

Mahindra

40,631

42,401

-1,770

-4.17%

Toyota

25,119

23,300

1,819

7.81%

Kia

21,400

20,200

1,200

5.94%

Honda

7,071

7,142

-71

-0.99%

MG

4,648

4,532

116

2.56%

Renault

4,225

4,080

145

3.55%

Volkswagen

3,529

3,019

510

16.89%

Nissan

2,701

2,755

-54

-1.96%

Skoda

2,787

2,254

533

23.65%

Citroen

1,006

421

585

138.95%

Jeep

425

331

94

28.4%

Car Brands — 6-Month Brand Sales Trend (Oct 2023 - Mar 2024)

BRAND-WISE 6 MONTH SALES TREND

OCT 2023 - MAR 2024

BRAND

Oct 2023

Nov 2023

Dec 2023

Jan 2024

Feb 2024

Mar 2024

6 Month Avg

Maruti Suzuki

1,19,974

96,963

73,592

1,12,604

1,10,579

1,05,166

1,03,146

Hyundai

55,128

49,451

42,750

57,115

50,201

53,001

51,274

Tata

48,343

46,070

43,471

53,635

51,270

50,105

48,816

Maruti Nexa

48,073

37,195

31,186

54,198

49,693

47,552

44,650

Mahindra

43,708

39,981

35,171

43,068

42,401

40,631

40,827

Kia

24,351

22,762

12,536

23,769

20,200

21,400

20,836

Toyota

20,542

16,924

21,372

23,197

23,300

25,119

21,742

Honda

9,400

8,730

7,902

8,681

7,142

7,071

8,154

Renault

3,861

2,452

1,988

3,826

4,080

4,225

3,405

MG

5,108

4,154

4,400

3,825

4,532

4,648

4,445

Skoda

4,566

3,783

4,670

2,377

2,254

2,787

3,406

Volkswagen

4,089

3,095

4,930

3,267

3,019

3,529

3,655

Nissan

2,573

2,454

2,150

2,863

2,755

2,701

2,583

Citroen

630

537

650

650

421

1,006

649

Jeep

507

317

436

396

331

425

402

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ABOUT THE AUTHOR

Prathu Sharma

Engineer by upbringing, artist by passion, motorhead because, why not! Likes to know about everything related to technology, switches between american muscle and german innovation depending on the day. Wants to own 69' Mustang Mach 1 and to drive BMW M3 87'someday.

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