Maruti, Hyundai market share dips in February, Tata Motors, Mahindra's grow
- Maruti Suzuki registered a marginal drop in market share despite its sales growth in February 2023.
Maruti Suzuki and Hyundai's market share in the Indian passenger vehicle market declined in February, while Tata Motors, Mahindra and Kia India registered a year-on-year (YoY) growth last month, claims data released by the Federation of Automobile Dealers Associations (FADA).
The data revealed by FADA shows that Maruti Suzuki's retail sales in February 2023 stood at 118,892 units, as compared to 109,611 units recorded in February 2022. The country's largest car brand's market share, however, dropped marginally to 41.40 per cent in February this year from 42.36 per cent registered a year ago.
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India's second largest car brand in terms of volume sales, Hyundai's market share too dipped to 13.42 per cent last month from 14.95 per cent recorded in the same month a year ago. Hyundai retailed 39,106 units last month, as compared to 38,688 units sold in the same month of 2022.
Homegrown auto manufacturer, Tata Motors' retail sales in February this year stood at 38,965 units as compared to 34,055 units recorded in the same month a year ago. This sales growth helped the automaker to post a market share growth. Tata's market share grew to 13.57 per cent last month, as compared to 13.16 per cent in February 2022, claims data released by FADA.
Another homegrown automobile manufacturer, Mahindra & Mahindra, too witnessed its market share grow substantially to 10.22 per cent last month from 7.06 per cent registered in the same month a year ago. Mahindra's retail sales in February 2023 stood at 29,356 units, recording a significant growth from 18,264 units sold in the same month a year ago.
Despite being a new entrant in the market, Kia India has grabbed a sizeable chunk of the market pretty soon, thanks to its models like Seltos and Sonet. The Hyundai Group-owned car brand witnessed its sales rose to 19,554 units last month from 13,623 units in February 2022. This translated into a higher market share for the automaker at 6.81 per cent, up from 5.27 per cent posted in February 2022.
Among others, Toyota Kirloskar Motor and Skoda Auto Volkswagen Group also posted a YoY increase in their respective market shares last month. Honda, Renault, MG Motor India and Nissan, however, saw their market share dip last month when compared to that of February 2022.