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Overview of Domestic Passenger Vehicle Sales

Domestic passenger vehicle (PV) sales began the new fiscal on a flat note, with an estimated 338,341 units sold. This represents a modest 1.76 per cent increase compared to the same period last year. Industry executives have attributed this tepid growth to a combination of a high base effect and subdued demand due to the ongoing Lok Sabha elections.

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Performance of Major Players

Maruti Suzuki India, the country’s largest passenger vehicle manufacturer, reported flat domestic sales of 137,952 units, while Hyundai Motor India saw a minimal 1 per cent increase with 50,201 units sold. Tata Motors experienced a 2 per cent uptick in total domestic PV sales, including electric vehicles.

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Market Outlook Post Elections

Maruti Suzuki’s senior executive officer, Partho Banerjee, expressed optimism for the market post-elections. He emphasized that the current subdued market sentiment is likely a temporary phenomenon tied to the election period and anticipates a more vibrant market once the elections conclude.

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Industry Projections and Growth Factors

Hyundai Motor India’s Chief Operating Officer, Tarun Garg, highlighted the industry’s projected low single-digit growth for 2024, driven by the high base effect of previous years. He noted sustained inquiry levels and bookings, indicating stable market demand.

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Performance of Other Players

Toyota Kirloskar Motor reported a significant 32 per cent year-on-year increase in total wholesales, underscoring a positive outlook for the year ahead. Conversely, MG Motor India experienced a slight decline in retail sales.

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Segment-Wise Analysis

In the two-wheeler segment, TVS Motor Company achieved a notable 29 per cent growth in the domestic market, while Hero MotoCorp and Royal Enfield also reported positive growth figures.

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