Maruti Suzuki, Hyundai Market Share Falls to 12-Year Low In First Half Of FY25
business / November 15, 2024

Maruti Suzuki, Hyundai Market Share Falls to 12-Year Low In First Half Of FY25

Market Share in FY25: The landscape of India's passenger vehicle (PV) market is undergoing a notable transformation as the dominance of long-standing players declines while new entrants gain ground.

According to a research report by Jefferies, the combined market share of the two top automobile manufacturers--Maruti Suzuki and Hyundai--has slipped to a 12-year low in the first half of fiscal year 2025 (1HFY25).

This shift highlights a dynamic change in consumer preferences and competitive positioning within the PV sector.

The report said, "Market shares of the top 2 OEMs (Maruti and Hyundai) slipping to 12-year lows in 1HFY25 and Mahindra and Toyota climbing to all-time highs".

While Maruti Suzuki and Hyundai have traditionally led the PV market in the country, other players, particularly Mahindra & Mahindra (M&M) and Toyota are making significant inroads.

The report noted that Mahindra's market share has surged to an all-time high of 12.

5 per cent in 1HFY25, bolstered by increasing demand for SUVs, a segment in which Mahindra has consistently launched new models.

Similarly, Tata Motors' market share peaked at an 11-year high of 14 per cent in FY23, though it has slightly decreased to 13.

3 per cent in the first half of FY25.

The report also mentioned that the second quarter was a challenging period for the country's PV industry, with overall wholesale volumes--including exports--registering a 1 per cent year-on-year decline.

This trend indicates that the sector is facing some headwinds even as consumer preferences shift towards newer, feature-rich, and more versatile vehicles like SUVs, an area where Mahindra and Tata Motors have found success.

It said, "2Q was a weak quarter for India's PV industry, with wholesale (including exports) falling 1 per cent YoY.

"As per the recent sales data from the Society of Indian Automobile Manufacturers (SIAM), the passenger car sales in October has registered a de-growth of 17 per cent.

However, the passenger vehicles (PVs) sales which include all passenger vehicles like Bus, Auto, and Car saw their highest-ever sales for October with 3,93,238 units sold--a 0.

9 per cent increase compared to October 2023.

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