Passenger Vehicle Industry Witnesses Robust Growth in December Sales

2 Jan 2024 , 09:55 AM

In a departure from the typical year-end trend of inventory clearances, the Passenger Vehicle (PV) industry in India experienced a notable 4.4% rise in wholesale numbers, reaching 2,87,904 units in December on a year-on-year basis. This positive momentum defied the conventional slowdown during this period, with cumulative sales from April to December for the fiscal year rising by 7.6% to 30,90,026 units. Notably, the industry achieved a significant milestone in 2023, surpassing 40 lakh units in total sales for the first time.

Major Players’ Performance:

1. Maruti Suzuki: The leading carmaker reported a 6.46% decline in domestic PV sales, standing at 1,04,778 units in December. However, its strategic focus on maintaining lower stock levels contributed to a robust retail performance, securing a 51% market share in the PV market.
2. Hyundai Motor India: The second-largest PV maker recorded a 10% YoY increase in domestic wholesales, reaching 42,750 units in December. For the entire calendar year 2023, Hyundai reported a 9% YoY rise in total sales, reaching 7,65,786 units, reflecting strong customer preference.
3. Mahindra & Mahindra: M&M reported a substantial 24% growth in total domestic PV sales, reaching 35,174 units in December. The Utility Vehicles (UV) segment witnessed a parallel growth of 24%, selling 35,171 vehicles in the domestic market.
4. Tata Motors: Tata Motors observed a 9% increase in total PV sales, including electric vehicles, with 43,470 units sold in December. The company remains optimistic about sustaining this growth trend with the launch of new products in 2024.
5. Toyota Kirloskar Motor (TKM): TKM reported a notable surge in domestic sales, reaching 2,21,356 units in 2023, signifying strong market demand for its offerings.
6. MG Motor India: MG Motor reported an 18% growth in total retail sales for the year, reaching 56,902 units. December’s retail sales stood at 4,400 units, marking a 13% increase from the same period in the previous year.