Auto sales analysis Feb 2023: Industry in green with steady growth | The Financial Express

Auto sales analysis Feb 2023: Industry in green with steady growth 

Passenger vehicles maintain steady growth – SUVs/UVs garnered market share of 42.6 percent in February 2023.

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2023 started on a high as the auto industry registered a two-digit rise in volumes in January 2023. Now for the corresponding month, February has continued the ripple effect registering positive passenger vehicle sales as car and SUV sales have crossed 3 lakh units for FY2023. 

According to sources, passenger vehicle sales stood at 3.35 lakh units in February 2023 recording a growth of 10.6 percent over 3.03 lakh units in the year-ago period. This is the highest sales volume for the segment during February. 

One of the fastest growing segments, SUVs/UVs have garnered a share of 42.6 percent in the domestic PV industry followed by hatchbacks at 35 percent while MPVs are trailing at a share of 8.5 percent. 

Maruti Suzuki’s SUV market share grows to 18 percent  in February 2023

Maruti Suzuki’s SUV market share has risen to 18 percent in Feb 23 from 10.9 percent last year.

In a conversation with Shashank Srivastava, Senior Executive Officer, Marketing and Sales at Maruti Suzuki India, he discussed that MSIL’s total domestic sales in February stood at 1,50,823 against 1,37,950 last year recording a growth of 10.1%. “Up until February, Maruti Suzuki’s numbers are at 5,08,089 and the company crossed the 8.2 crore (1.5 million) mark in February against 12,27,712 of last year, recording a growth of 22.8%”, he said. Srivastava is positive about this trend carrying forward while gearing up for the production of the Fronx SUV by end of March.

Hyundai India records 7 percent YoY growth

Hyundai Creta sold 15,037 units in January 2023, its highest ever.

Knocking cumulative sales of  57,851 in February 2023, up 8.8 percent from 53,159 units in February 2022, Hyundai has set the ball rolling for this year. According to reports, the brand has registered its best-ever calendar-year sales of 5.52 lakh units in CY2022. Hyundai’s uptick is credited to Creta that recently clocked its maximum sales ever.

Tata Motors: 42,862 units, up 7% YoY

Charging fast and eager towards Hyundai, Tata Motors recorded sales of 42,862 units in February 2023, up 7% from last year at 39,981 units. However, it recorded a month-on-month drop in sales partly attributed to rationalisation of production models to migrate towards the upcoming BS6 Phase 2 norms starting April 1, 2023.

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First published on: 03-03-2023 at 14:48 IST
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