Maruti Losing ground in 4 wheeler, Mahindra/Toyota gaining share at the cost of Maruti
India's leading car manufacturer, Maruti Suzuki, has witnessed a significant drop in its market share in July 2024, while other automakers like Mahindra and Toyota have achieved better sales results. According to recent data, Maruti’s market share in July 2024 decreased to 40.1% compared to 43.2% in July 2023, marking a fall of 3.2% for the company. Mahindra witnessed a significant surge in its market share, rising from 10.3% in July 2023 to 12.1% in July 2024. Toyota's market share has also grown, up from 5.9% to 8.6% during the same period.
OEM Market Share Analysis
July’24 July’23
Maruti Suzuki 40.1% 43.2%
Mahindra 12.1% 10.3%
Toyota 8.6% 5.9%
Major sales drop for Maruti year on year in July, flat growth between June & July this year
Maruti Suzuki's sales numbers dropped in July 2024 compared to the same period last year. In July 2024, the brand sold 1,37,463 units, marking a 0.2% month-over-month (MoM) sales growth, while in June 2024 the auto giant retailed 1,37,160 units across India. Maruti saw a year-over-year (YoY) decline of 9.64% with 14,663 fewer automobiles sold in July 2023, despite being the top brand in the sector.
OEM MoM Sales Analysis
July’24 June’24
Maruti Suzuki 1,37,463 1,37,160
Notably, the Maruti Suzuki Swift, one of the highest-selling cars from the brand, witnessed a YoY decline of 6%, with 16,854 units sold in July this year compared to 17,896 units retailed during the same month last year.
Flat growth seen in the 4 wheeler segment, Numbers are seen to be growing only for Toyota
The four wheeler market remained largely unchanged this year, with most automakers witnessing slight dips in sales. In July 2024, overall 3,43,026 cars were sold in India, a decrease of 2.52% from 3,51,908 cars sold in July 2023.
Tata Motors saw a 6.1% decrease in sales from July 2023 to July 2024, retailing 2,903 fewer units. On the other hand, Skoda saw a YoY sales loss of 50.0%, Renault of 21.5%, and Volkswagen of 10.7%.
Toyota has achieved remarkable sales growth, both year-on-year and month-on-month. With a 42.3% YoY increase and a 14.7% MoM increase, Toyota retailed 29,533 units in July 2024, securing a market share of 8.6%.
Toyota's outstanding sales performance and Maruti Suzuki's continued challenges demonstrate how the automotive industry's dynamics are changing, and this could be attributed to changing customer preferences and increased competition in the four wheeler market.
