Maruti consolidates No.1 spot with rise in market share
Times of India | 9 May 2024
Kolkata: Riding on a rise in demand for hybrid vehicles, Maruti Suzuki has increased its market share from 38.4% in April 2023 to 40.9% in April 2024. Toyota, with which Maruti Suzuki shares hybrid technology, has also increased its market share from 5% in April 2023 to 5.7% in April 2024. Mahindra & Mahindra registered a slight improvement in market share from 10.7% to 11%.Luxury carmakers Mercedes-Benz and BMW have also seen rise in market shares by 0.1% each.
All other automakers including Hyundai Motor, Tata Motors, Renault, Nissan and MG have lost market share. In the passenger vehicles retail sales data for April 2024 released by the Federation of Automobile Dealers Association, Maruti Suzuki has consolidated its market leader position, seeing sales of 1.4 lakh units, up from 1.1 lakh units sold the previous April. Mahindra & Mahindra has increased sales from 30,859 units in April 2023 to 36,775 units in April 2024. With the launch of XUV 3XO, M&M is expected to further consolidate its sales and market share. Toyota Kirloskar also increased its market share and sold 18,999 cars in April 2024, up from 14,521 cars in April 2023. Despite loss in market share, Hyundai, Tata, Kia and Honda have also registered higher sales in April 2024.
Hyundai Motors saw its market share fall from 14.8% in April 2023 to 14.3% in April 2024 though sales went up from 42,803 cars to 48,050. It pulled away from Tata Motors that was breathing down its neck last April. Tata Motors’ market share fell from 14.5% to 13.7% while sales increased from 41,990 to 45,930. Honda Cars, which was betting big on its SUV Elevate, has seen a rise in sales from 5,689 units to 6,069 units. Its market share has reduced from 2% to 1.8%. Renault, Nissan and MG have lost both market share and sales. While Mercedes-Benz has sold 1,522 units in April 2024 compared to 1,238 units in April 2023, BMW sold 1,185, up from 923 last year.