How The Automobile Giants Performed in October 2024 October 2024's sales data reveals the shifting dynamics of India's passenger vehicle market. The festive season has underscored the growing demand for SUVs and MPVs, with Toyota Kirloskar and Mahindra & Mahindra emerging as clear winners by capitalizing on this trend.

The Indian passenger vehicle (PV) market experienced notable shifts in October 2024, marked by a few strong performances from various companies. With the festive season providing a significant boost, several automakers reported year-over-year (YoY) growth, while others experienced a slight decline. This month's data offers insights into the industry's dynamics and the evolving consumer preferences in India's highly competitive auto market.

Toyota Kirloskar Motor

Toyota Kirloskar recorded a 40.9 per cent YoY growth in October 2024, selling 30,845 units compared to 21,879 units in October 2023. This surge reflects Toyota's successful strategy to leverage the festive season with targeted product launches and enhanced customer incentives.

Sabari Manohar, vice president, sales-service-used car business, Toyota Kirloskar Motor, expressed excitement over the brand's strong performance. He remarked, "Our entire range of product offerings has experienced strong sales momentum, bringing festive cheer to all of us at Toyota. This growth is fueled by increased footfalls and strong demand for our SUVs and MPVs, along with a significant boost from the introduction of festival limited editions of the Urban Cruiser Hyryder, Urban Cruiser Taisor, Glanza, and Rumion, which were specially launched for the season."

Toyota's strategic emphasis on SUVs and multi-purpose vehicles (MPVs) aligns well with consumer trends in India, where there is a growing preference for versatile vehicles that offer both comfort and space. The introduction of limited-edition models during the festive season, coupled with Toyota's focus on customer-centric schemes—like extended warranties and attractive exchange offers—has significantly contributed to its sales momentum.

Mahindra & Mahindra

Mahindra & Mahindra (M&M) also achieved a milestone in October, posting a YoY growth of 24.7 per cent, with sales of 54,504 units in October 2024 compared to 43,708 units in the same month the previous year. The company's focus on SUVs continues to pay dividends, making it one of the leaders in the segment in India.

Mahindra's strategy to tap into the festive demand with products like the Thar ROXX SUV shows the brand's appeal in the off-road and adventure segments. With over 1.7 lakh bookings for Thar ROXX within just 60 minutes of launch, M&M's sales success highlights the high demand for feature-packed SUVs in the Indian market. This surge reflects Mahindra's success in creating a strong emotional connection with consumers who value both ruggedness and advanced features in their vehicles.

Hyundai

Hyundai's sales increased by 0.79 per cent, with 55,568 units sold compared to 55,128 units in October 2023. This steady performance indicates that the company remains competitive in the market, though its growth is not as pronounced as that of Toyota or Mahindra. Hyundai's portfolio, which includes popular models like the Creta and Venue, continues to attract a dedicated customer base. However, Hyundai faces stiff competition, particularly in the SUV segment, where Mahindra and Toyota have made significant inroads.

Kia India

Kia India recorded an uptick, with a 30.09 per cent YoY growth, selling 28,545 units compared to 21,941 units the previous year. The South Korean company has managed to maintain a growth trajectory. Its aggressive marketing and a portfolio of trendy SUVs and crossovers, such as the Seltos and Sonet, have attracted younger buyers who seek style and technology. Kia's success demonstrates that there's ample room for players focusing on a blend of aesthetics, technology, and competitive pricing.

Tata Motors

Tata Motors, another significant player in the Indian passenger vehicle market, reported a slight decline in sales in October 2024. The company sold 48,423 units, a 0.4 per cent decrease from the 48,637 units sold in October 2023. Tata's decline may suggest challenges in maintaining growth amidst increasing competition, particularly in the SUV segment.

Despite this small setback, Tata Motors remains a key contender in the Indian automotive industry, especially with its commitment to safety and electric vehicles (EVs). Tata's EV lineup, which includes popular models like the Nexon EV, gives the company a unique position as a leader in India's growing EV market. However, maintaining growth in the conventional passenger vehicle sector remains a challenge, especially as competitors like Mahindra and Toyota gain traction.

Maruti Suzuki

Maruti Suzuki, India's largest car manufacturer by market share, saw a notable drop in sales, recording a 5.03 per cent YoY decline. The company sold 1,59,591 units in October 2024 compared to 1,68,047 units in October 2023. This drop is surprising, given Maruti Suzuki's traditionally strong performance during the festive season.

The decline could reflect changing consumer preferences as buyers increasingly favour SUVs, an area where Maruti is working to strengthen its offerings. Although Maruti Suzuki has traditionally dominated the small car and sedan segments, the company's lack of a robust SUV portfolio may be impacting its performance. As consumer preferences shift toward larger vehicles, Maruti may need to accelerate its SUV strategy to regain momentum in the market.