Maruti Suzuki, Hyundai Motor's market share in India drop. Here's why
Passenger vehicle leaders Maruti Suzuki India and Hyundai Motor saw their market share dip in FY23 as compared with FY22 as they struggled with shortage of electronic components, according to automobile dealers' body FADA. Tata Motors, Mahindra & Mahindra and Kia India on the other hand witnessed an increase in their market share based on the retail sales last fiscal. As per the Federation of Automobile Dealers Associations (FADA), the retail sales of country's largest carmaker Maruti Suzuki India rose to 14,79,221 units in 2022-23 fiscal, attaining a market share of 40.86 per cent.
It had retailed 12,39,688 units in 2021-22 and grabbed a market share of 42. 13 per cent.
Earlier, the auto major had stated that it faced shortage of electronic components last fiscal with an order backlog of around 3.8 lakh units.
Similarly, Hyundai Motor India saw an increase in retail sales at 5,25,088 units last fiscal, however its market share dropped to 14.51 per cent.
It had sold 4,79,027 units in the domestic market in FY22 and its market share was 16.28 per cent during the same period, as per the FADA data.
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Tata Motors on the other hand saw its market share rise to 13.39 per cent in FY23 from 11.27 per cent in 2021-22 fiscal.
It retailed 4,84,843 passenger vehicles last fiscal as against 3,31,637 units in 2021-22 fiscal.
Mahindra & Mahindra sold 3,23,691 passenger vehicles last fiscal to log in a market share of 8.94 per cent. It had retailed 1,99,125 units in FY22 to record a market share of 6.77 per cent, FADA said.
Kia India also witnessed a rise in market share at 6.42 per cent in FY23 from 5.3 per cent in 2021-22.
Its retail sales rose to 2,32,570 units last fiscal from 1,56,021 units in FY22.
Toyota Kirloskar Motor and Skoda Auto Volkswagen Group also saw a rise in market share in FY23.
FADA said it gathered registration data of vehicles from 1,349 out of 1,435 RTOs across the country.
