Business Business: The Indian automobile market recorded a marginal decline in the third quarter of 2024. However, some brands such as Mahindra, Toyota, Kia and Citroen recorded high growth. Indian automakers reported mixed results in the third quarter of 2024. Total sales stood at 10,56,179 units, down 1.75% from 10,75,014 units in the third quarter of last year. Toyota recorded the biggest growth in the third quarter. Toyota’s auto sales grew 28% in the third quarter. However, Maruti Suzuki remained number one even after that. We will present the details in detail.
Maruti Suzuki is a major player in the Indian market. The company’s revenue fell 7.31% in the third quarter of 2024. Sales in the third quarter of 2024 were 4,25,500 units, down from 4,59,052 units sold in the third quarter of 2023. Despite this, Maruti retained the largest market share of over 40%.
Hyundai, the second-largest automaker, reported a 5.75 percent decline in sales. The sales volume in the quarter was 1,49,639 units, which is lower than the sales volume of 1,58,772 units in the third quarter of 2023. The market presence was slightly affected due to lower sales. However, Hyundai remains a major player.
Mahindra remained the strongest performer with a growth of 18.49% year-on-year (YoY). The brand sold 135,962 units in the third quarter of 2024, up from 114,742 units sold in the same period last year. Mahindra therefore lagged behind Tata Motors in terms of sales.
Tata Motors sales fell slightly. The company’s revenue fell by 5.84%. The company achieved sales of 1,29,934 units in the third quarter of 2024, down from 1,37,995 units in the third quarter of 2023. Despite the decline, Tata continues to be one of the top players in the Indian market with a significant growth of 28.21% in automotive sales. The number grew from 63,897 units in the third quarter of 2023 to 81,924 units in the third quarter of 2024. Toyota’s sales growth was driven by the popularity of its SUV and hybrid models.
Kia Motors also registered positive growth with sales growth of 12.34%. Kia achieved sales of 66,553 units in the quarter, its highest ever, compared to 59,243 units in the third quarter of 2023. Kia Motors is expanding its presence in the Indian market due to its consistent performance in the SUV segment.
