In February 2024, SUV demand drove Maruti, Tata, Hyundai, Mahindra, and Toyota to their best-ever wholesales, exceeding 370,000 units.
This surge, driven by a substantial 11% year-on-year growth, with predictions pointing towards a monumental 4.25 million sales by the end of FY2024.
SUVs Leading the Charge
The leap-month of February 2024 has seen an unprecedented surge in wholesales, reaching over 370,000 units. This remarkable achievement, marking an 11% YoY growth from February 2023’s 334,790 units.
This robust performance in February sets the stage for India Passenger Vehicle Inc to achieve its best-ever fiscal record.
India PV Inc
With an estimated 38,49,319 units dispatched in the first 11 months of FY2024, India PV Inc is merely 40,795 units behind the record wholesales of FY2023.
The momentum is poised to continue, with March 2024 projected to deliver yet another set of record-breaking numbers. If trends persist, India PV Inc could be steering towards an impressive 400,000-unit sales next month, culminating in a remarkable FY2024 total of nearly 4.25 million units.
SUVs Dominate
The utility vehicle (UV) segment, encompassing SUVs and MPVs, emerges as the powerhouse driving the growth of the passenger vehicle industry. Sustaining double-digit growth, this sub-segment proves instrumental in offsetting the decline witnessed in mass-market entry-level cars, hatchbacks, and sedans.
Between April 2023 and January 2024, Original Equipment Manufacturers (OEMs) dispatched 20,61,075 units, marking an impressive 25% YoY growth. Notably, the UV share of total PV sales works out to 59%, a substantial increase from the 51.50% recorded in FY2023.
Top Performers in February 2024
Maruti Suzuki India
Market leader Maruti Suzuki India has consistently fueled the market, with February despatches of 160,271 units reflecting a 9% YoY increase.
The robust sales can be largely attributed to Maruti Suzuki’s SUV and MPV range, contributing significantly to the entire fiscal as well as the record CY2023.
Tata Motors
Tata Motors continues its winning streak, reporting dispatches of 51,267 units in February 2024, marking a substantial 20% YoY growth.
This achievement follows the carmaker’s best-ever monthly sales performance in January 2024, reflecting a growing demand for its SUVs, particularly the Nexon and Punch compact SUVs.
Hyundai Motor India
Hyundai Motor India, after hitting a best-ever domestic market monthly sales in January 2024, reported 50,201 units in February 2024, showcasing a 7% YoY increase.
The company’s SUV line-up, featuring the Creta midsize SUV and the new Exter compact SUV, continues to be a key growth driver.
Mahindra & Mahindra
Mahindra & Mahindra, with its SUV-centric portfolio, achieved a robust 40% YoY growth in February 2024, dispatching 42,401 units.
The company’s strong performance throughout the fiscal positions it for an impressive FY2024 total, surpassing 450,000 units.
Toyota Kirloskar Motor
Toyota Kirloskar Motor reported record monthly wholesales of 23,300 passenger vehicles in February 2024, reflecting a formidable 52% YoY growth.
The company’s SUV and MUV models, including the Innova Crysta, Fortuner, and Legender, play a pivotal role in its sustained leadership positions and significant contribution to overall growth.
Honda Motor India
Honda Cars India reported monthly domestic wholesales of 7,142 units in February, up 17%. The recently launched Elevate midsize SUV has injected fresh vigor into the market, witnessing strong demand and contributing significantly to Honda’s overall PV dispatches.
March 2024
With the unwavering wave of SUV demand, March 2024 is poised to deliver exceptional SUV and MPV sales, surpassing 200,000 units.
The continued market momentum signals that India UV Inc could achieve the milestone of 2.5 million UV sales for the first time, propelling India PV Inc to an unparalleled record of 4.25 million units.