Auto Sales Boom In October On Festive Demand; Maruti Leads
Boosted by strong demand during the festival season, automobile manufacturers in India reported double-digit growth in domestic wholesale (dispatches to dealers) in October. This positive trend is expected to continue in the coming month.
In the passenger vehicle (PV) segment, Maruti Suzuki India, the country”s largest automaker, reported total domestic sales of 1,68,047 units in October, marking a nearly 20 percent increase compared to 1,40,337 units in the same month the previous year. This represents not only the highest sales for the month of October but also the highest-ever monthly sales in the Indian passenger vehicle industry, according to Shashank Srivastava, Senior Executive Officer (Marketing and Sales) at Maruti. The end of the semiconductor crisis has allowed the industry to increase production and meet the rising demand. Consequently, Maruti”s market share for October increased to 43 percent from 41.7 percent the previous year.
Hyundai Motor India, the second-largest vehicle manufacturer in India, reported a 15 percent increase in domestic sales in October, with 55,128 units sold compared to 48,001 units in the same month the previous year. Sales surged in the domestic market during the peak of the festival season, with the supply situation returning to normal.
Sales of utility vehicles manufacturer Mahindra & Mahindra (M&M) reached a new high for the fourth consecutive month, growing by 32 percent to 80,679 vehicles in October. Both SUVs and commercial vehicles (CVs) achieved their highest-ever volumes. It is anticipated that the festival demand will continue to drive growth into November.
Tata Motors reported a 7 percent year-on-year growth in October in the passenger vehicle segment, with 48,637 units sold, up from 45,423 units the previous year. Toyota Kirloskar Motor (TKM) also delivered strong performance with domestic sales of 20,542 units in October compared to 13,143 units in October 2022. However, Honda Cars India reported a slight decline of 1.4 percent in domestic sales, with 9,400 units sold in October.
In the two-wheeler segment, Hero MotoCorp, the market leader, saw domestic wholesales of 5,59,766 units in October, marking a 26.4 percent growth from the 4,42,825 units sold in the same month in 2022. Other major two-wheeler manufacturers, including TVS Motor Company, Bajaj Auto, and Suzuki Motorcycle India, also recorded double-digit sales growth.
In the commercial vehicle (CV) segment, M&M achieved its highest-ever domestic sales of 25,715 units in October, a 22.5 percent increase from the same month in 2022. Tata Motors reported a 4 percent increase in CV sales, with 32,488 units sold. Indian automobile industry remains optimistic as it continues to rebound and meet robust demand, particularly during the festival season. The strong growth is expected to persist in the coming months.
