With robust demand, auto market grew significantly last month: Report
With a robust rise in demand, India's automotive market saw impressive growth in February 2024. Major carmakers such as Maruti Suzuki, Hyundai, Tata Motors, and Toyota reported significant year-on-year sales increases last month. This surge in demand is likely attributed to high inventory levels and attractive discounts, with no price hikes expected until April 2024. Here's a look at the overall growth in both the two-wheeler and four-wheeler segments in February on our shores.
Major players report impressive sales figures
Maruti Suzuki led the pack in India with 1,97,471 unit sales, a 9% year-on-year (YoY) growth from February 2023. Hyundai and Tata Motors also experienced growth, with 6.8% and 19% increases in domestic sales, respectively. Toyota broke records for the second month in a row with a staggering 61% YoY sales surge. Other companies like MG Motor and Honda Cars India saw sales growth of over 18% and 17%, respectively.
SUV segment drives growth for Mahindra
SUV sales played a significant role in this growth, with Mahindra reporting a 40% increase in SUV sales, contributing to an overall 24% sales increase in February. High inventory levels and enticing discount offers have boosted passenger vehicle sales, including sedans and SUVs.
Two-wheeler market continues to expand as well
Two-wheeler sales also experienced massive growth, with Hero MotoCorp witnessing a 22% year-on-year increase and Bajaj Auto seeing a 25% uptick. TVS Motor Company reported a remarkable 33% increase in monthly sales. Electric vehicle sales rose by 16%, while Suzuki Motorcycles experienced a 59% surge in domestic volume. Royal Enfield also reported a notable 10% growth. Analysts predict this strong momentum will continue, further driving demand across India's automotive sector.