The passenger vehicle segment has been witnessing growth after a long lull caused due to the Covid-19 pandemic and the semiconductor crisis. In February 2024, the Indian market witnessed the sales of 3,30,107 passenger vehicles as opposed to 2,93,803 units sold during the same month last year. This led to a YoY growth of 12.35%.
Let us look at the top 10 best-selling car OEMs for February 2024.
| Rank | PV OEM | FEB’24 | Market Share (%) FEB’24 | FEB’23 | Market Share (% )FEB’23 | YoY change (%) |
| 1 | MARUTI SUZUKI | 131,191 | 39.74% | 120381 | 40.97% | 8.98% |
| 2 | HYUNDAI | 46,464 | 14.08% | 39,870 | 13.57% | 16.54% |
| 3 | TATA MOTORS | 44,784 | 13.57% | 39,561 | 13.47% | 13.20% |
| 4 | MAHINDRA | 38,071 | 11.53% | 30,645 | 10.43% | 24.23% |
| 5 | KIA | 20,357 | 6.17% | 20,141 | 6.86% | 1.07% |
| 6 | TOYOTA | 19,498 | 5.91% | 12,819 | 4.36% | 52.10% |
| 7 | HONDA | 6,597 | 2.00% | 5,886 | 2.00% | 12.08% |
| 8 | SKODA AUTO VW INDIA | 5,690 | 1.72% | 6,971 | 2.37% | -18.38% |
| 9 | MG MOTOR | 3,738 | 1.13% | 3,776 | 1.29% | -1.01% |
| 10 | RENAULT | 3,568 | 1.08% | 4,950 | 1.68% | -27.92% |
Top 10 car brands Feb 2024: Maruti continues to dominate
Maruti Suzuki continues to dominate the Indian passenger vehicle market with a cumulative sales volume of 131,191 units recorded in February 2024 resulting in a YoY growth of 9%. Despite the growth, the brand’s market share fell below 40% for the first time.
Hyundai took the second spot with 46,464 units sold in February this year which led to a YoY growth of 16.54%. During the same month last year, the Korean carmaker sold 39,870 units last year. Tata Motors came in close heels to Hyundai at the third place, with a monthly volume of 44,784 units in February 2024. The carmaker registered a YoY growth of 13.20%.
Top 10 car brands Feb 2024: Mahindra, Toyota show impressive growth
Mahindra grabbed the fourth spot with sales of 38,071 units in February 2024 leading to an impressive YoY growth of over 24%. Kia took the fifth spot with 20,357 unit sales recorded in February 2023, keeping the volume stagnant from the previous year. Toyota registered a volume of 19,498 units, thus resulting in an impressive YoY growth of 52%.
Top 10 car brands Feb 2024: Skoda-VW, Renault sales decline
Honda sales grew by 12% on account of strong numbers from Elevate. The Japanese car brand recorded a monthly volume of 6,597 units in February this year, as opposed to 5,886 units sold across the country in February last year. Cumulative sales for Skoda and Volkswagen declined by over 18% with a monthly volume of 5,690 units.
Sales of MG Motor India remained largely stagnant with 3,738 units sold in February this year as opposed to 3,776 units dispatched in February last month. The tenth spot was taken by Renault with a total monthly volume of 3,568 units recorded in February, translating to a significant 28% YoY decline.
