Nonetheless, the Indian automotive industry experienced enormous changes in the sales pattern of the most renowned producers of cars in February 2024. Maruti Suzuki yet again claimed the first spot in the car manufacturers' race, while Tata Motors arrived near the second place, beating Hyundai. Notwithstanding this, the tough competition between brands was observed in the volume sales as the sales drop was only month-over-month, compared to a robust year-over-year trend.
Maruti Suzuki:
While Maruti Suzuki continued with the lead as India's largest car seller in February by retailing 1.60 lakh numbers, competition is intensifying. Remarkably, the carmaker has marked an impressive 9.03% year-over-year growth in their domestic vehicle sales which indicates the very significant role the market plays in their operations. Maruti Suzuki possesses an all-inclusive range of vehicles that are sold complementarily through Nexa and Arena outlets, and as a result, it remains a competitive force in the market.
Tata Motors:
Tata Motors got struck by the awakener in the previous year, where it took the second slot after experiencing very close to 50,000 off-take rate. Domestic passenger vehicle sales to cope with the shortage in the market, reported a positive growth of 18.4% in total wholesales. While the demand for commercial vehicles turned quite stormy, Tata Motors has shown physical formidability in times of unfriendly market environment.
Hyundai:
Hyundai got a drop in sales in February, but sales still reached 51.3 thousand in February. In contrast to that month, the company showed a 7% y-o-y growth, which indicated a firm demand for vehicles in that particular brand. To sell cars further, Hyundai launched updated versions of models SUVs like Creta and Exter which are specifically meant for the SUV segment.
Mahindra:
Mahindra majored in an increase in its annual sales, contrary to a slight fall in weekly sales from the prior month. The brand clocked 42,000 plus SUV sales for February, with XUV700 and Thar being the models that made the tête-à-tête contribution. The increase in sales of Mahindra over the brand's year-to-date sales marks the growth of its consumer confidence.
Kia:
Kia witnessed a decline in both month-over-month and year-over-year sales figures, with a 15% drop in February. Despite selling over 20,000 vehicles, the company faced challenges maintaining its sales momentum. The Sonet emerged as the top-performing model, while the Carens experienced a notable decline in sales.
Overall, the Indian automotive sector demonstrated resilience amid fluctuating market dynamics, with leading car manufacturers adapting to evolving consumer preferences and market conditions. Despite temporary setbacks, the industry remains poised for growth, driven by innovation and consumer-centric strategies.
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