Car retail sales have posted double digit YoY and MoM growth in July 2024 boosted by a host of discounts and benefits offered through the month
The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for July 2024. Though the automotive sector as a whole faced some constraints on account of heavy rains and lower consumer sentiment coupled with intense competition, sales showed some positivity across all segments. Two wheeler sales improved by 17% YoY while three wheeler sales were up 13%. Passenger and commercial vehicles also showed off a 10% and 6% YoY growth.
Car Retail Sales July 2024 – Maruti Suzuki Continues in Lead with 40% MS
Total car retail sales in July 2024 stood at 3,20,129 units, up 10.18% over 2,90,564 units sold in July 2023. It was also a robust 13.70% MoM growth over 2, 81,566 units sold in June 2024. Most of the leading car manufacturers in India have reported positive growth while there were some in the luxury car segment that have accounted for lower sales.
Once again it was Maruti Suzuki that topped the list with a 40% market share. Retail sales of the company improved to 1,29,177 units in July 2024, up from 1,19,127 units sold in July 2023. It was also a significant MoM growth as compared to 1,13,575 units sold in June 2023. Tata Motors took a No. 2 spot on this list, scaling over Hyundai by 422 units. Tata Motors retail sales stood at 43,422 units, a YoY growth over 39,630 units sold in July 2023. Market share was at 13.56%. Tata Punch has seen its sales cross the 4 lakh mark while the new Curvv EV has started moving into company showrooms and set to boost sales even further in the months ahead.
Hyundai retail sales last month stood at 43,000 units, a YoY growth over 41,917 units sold in July 2023. Creta played a major role in improving these sales and also recorded the highest monthly sales last month and also surpassed the 1 lakh unit sales milestone. A marked improvement in retail sales was also reported by Mahindra, sales of which grew to 37,854 units in July 2024 from 29,954 units sold in the same month last year. Mahindra has launched Thar ROXX recently, which will help boost sales in coming months.
Toyota also posted an increase in retail sales to 21,182 units last month from 16,191 units sold in the corresponding month of 2023 while the company has reported an increase in market share to 6.62% over 5.57% on a YoY basis. Kia Sonet, being the highest selling model in the company portfolio, helped Kia India to achieve retail sales of 18,682 units in the past month from 14,737 units sold in July 2023. It was followed by Skoda Auto, sales of which dipped to 6,203 units last month from 7,272 units sold in the same month last year bringing market share down to 1.94%.
Honda Cars also saw its retail sales up to 4,809 units from 4,445 units. Reporting lower retail sales was MG Motors, sales of which dipped to 3,887 units last month while Renault India sales were also down to 3,078 units. Nissan sales also slipped to 1,819 units showing off a YoY decline.
Luxury Car Sales – July 2024
In the luxury car segment, Mercedes Benz and Jaguar Land Rover have seen a YoY growth in retail sales. However BMW and Volvo reported YoY de-growth. Mercedes Benz has seen its retail sales improve to 1,195 units, over 1,085 units sold in July 2023. However, BMW retail sales fell to 1,080 units in the past month from 1,156 units sold in the same month last year. Jaguar also recorded positive sales at 466 units. Volvo retail sales fell to 127 units.
Force Motors has seen its retail sales up to 931 units last month from 603 units sold in July 2023. Citroen (447 units) and Jeep (342 units) suffered YoY degrowth while BYD India sales more than doubled to 341 units from just 118 units sold in July 2023. There were other OEMs in this segment that contributed 2,087 units to total retail sales, a YoY decline over 2,473 units sold in July 2023.
