Tata Motors is giving both Maruti Suzuki and Hyundai a run for their money. While Maruti still maintains a comfortable lead over the other two OEMs, Hyundai and Tata are fighting neck for the second spot. In April this year, Maruti recorded a monthly sales volume of 1,37,952 units whereas Hyundai and Tata sold 50,201 units and 47,885 units, respectively.
This led to a market share of 40.9% for Maruti, 14.9% for Hyundai, and 14.2% for Tata Motors for the month of April 2024. This indicates how close Tata Motors has gotten to the second spot. It is interesting to note that the number of passenger vehicle models each of these above-mentioned OEMs retail in the Indian market.
Maruti sells the most number of models in the market, i.e, 16. Both Hyundai (not accounting for N Line models) and Tata (not accounting for special models) retail 11 models each. The success of Tata Motors lies in the high demand for certain models like Punch and Nexon. Both subcompact SUVs are the best-selling models in their respective segments and are available in both combustion engine and fully electric iterations.
In fact, Punch became the highest-selling passenger vehicle for the second consecutive month in April 2024. In the previous month, Punch became the first SUV ever to top the highest-selling PV chart of any month. In March this year, Tata sold 17,547 units of Punch whereas in April the volume increased to 19,158 units. This speaks volumes about the current consumer sentiment.
What makes Punch a consumer favourite?
First and foremost, the inclination towards SUVs and secondly the fact that Punch is one of the smallest SUVs available for sale in India, makes it a hot favourite among buyers. Given that most of the Indian car buyers are middle class who desire for a small family car fits Punch’s description perfectly. Raised ground clearance, tall SUV stance and decent off-road abilities add feathers to the credentials of Punch.
The fossil fueled Punch is priced competitively between Rs 6.13 lakh and Rs 10.20 lakh. On the other hand, the all-electric Punch.ev is priced between Rs 10.99 lakh and Rs 15.49 lakh (all prices ex-showroom). Tata Motors is currently in process of developing a facelifted version of the ICE Punch which will take inspiration from its battery-powered sibling in terms of looks and features. The Punch facelift is expected to make its debut later this year or early next year.
