Vijay C Roy
Chandigarh, May 1
Passenger vehicle (PV) sales in India slowed down in the first month of the current fiscal, signalling a tapering demand in this segment. According to auto analysts, the slowdown was primarily due to last year’s high base.
Experts believe sales in the passenger vehicle (PV) market are projected to slow down to 3-6 per cent in FY25 on a higher base of three years.
According to the data, major OEMs (original equipment manufacturer) such as Maruti Suzuki, Tata Motors and Hyundai Motor India witnessed a growth varying between 0.5 per cent and 2 per cent. MG Motor reported a decline of 1.45 per cent.
Toyota Kirloskar Motor however posted a double-digit growth. The demand of all OEMs was supported by strong growth in SUV sales.
Maruti Suzuki, the country’s largest carmaker, registered domestic sales of 137,952 passenger vehicles in April 2024, witnessing a YoY growth of 0.5 per cent, as compared to the sale of 137,320 units in April last year. For Maruti Suzuki, the mini and compact segment — comprising Alto, S-Presso, Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR — registered sales of 68,472 units in April 2024 against 89,045 units sold in April 2023, a YoY decline of 30 percent. During April 2024, 56,553 units of UV were sold, a YoY increase of 54 per cent.
Tata Motors subsidiaries Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, registered total domestic sales of 47,883 units in April 2024, registering a YoY growth of 2 per cent. Honda Cars India saw the sale of 4,351 units in domestic market in April 24 compared to 5,313 units in domestic sales in April 23.
Hyundai Motor India registered total sales of 50,201 units in April 2024, posting a YOY growth of 1 per cent. Tarun Garg, COO, Hyundai Motor India Ltd, said, “Driven by models like the Creta, Venue and Exter, SUVs continued to be a growth driver contributing 67 per cent of HMI domestic sales.”
While, Toyota Kirloskar Motor (TKM) today announced that in the current month, domestic sales accounted for 18,700 units, a growth of 32 per cent over April 2023.
Sabari Manohar, Vice President, Sales amp; Service-Used Car Business, Toyota Kirloskar Motor, said, “Our diversified portfolio has been instrumental in driving our growth. Models such as the Innova Crysta, Innova Hycross, Fortuner, Legender, Urban Cruiser Hyryder, Hilux, and LC300 are leading the charge.”