Asian auto market | India's October sales: hit a record high
Produced by ZN Technology
India's auto market achieved a new breakthrough in October 2024, with wholesale sales hitting a record high.
Driven by the festive consumption boom during Dussehra and Diwali, sales in October reached 397,947 units, up 1.8% year-on-year, surpassing the previous record of 393,471 units set in January. Cumulative sales for the year reached 3,614,694 units, a 4% increase, setting another new record.
The MG brand performed well, with sales exceeding 7,000 units and cumulative sales reaching 48,000 units.
01
Festive Economy and Overall Market Growth Drivers
Dussehra and Diwali are among India's most important festivals, with deep cultural significance and peak consumption periods. Cars, as symbols of family assets, are particularly favored by consumers during these festivals.
The record-breaking sales in October highlight the critical role of the festive economy in driving market demand. Despite a slight slowdown in India's overall economic growth, signs of recovery in consumption are evident, with the auto industry benefiting from this trend.
Cumulative sales from January to October 2024 reached 3.61 million units, up 4% year-on-year, reflecting strong market demand in India and the ability of automakers to optimize production and adjust product portfolios to meet market needs.
Maruti Suzuki's market share has declined, but the overall market performance remains impressive. The reasons behind this can be attributed to the following:
● Diversified product offerings: Automakers are actively launching new models and technology upgrades to attract broad consumer interest. For example, the Toyota Innova and Mahindra XUV700 surpassed 10,000 units in sales for the first time this month, indicating strong demand in the mid-to-high-end market.
● Intensified industry competition: Brands like Mahindra and MG have achieved significant growth through continuous innovation and product line expansion. Mahindra's sales grew 24.7% year-on-year, setting a new record for the second consecutive month, demonstrating its dominance in the SUV market.
● New entrants and rebranding effects: The MG Windsor(formerly known as Baojun Cloud) adopted a rebranding strategy to redefine its market positioning, with wholesale volumes exceeding 3,000 units, setting a new brand record and showing increased consumer acceptance of new brands.
02
Brand Competition Landscape and Model Performance Analysis
Maruti Suzuki's market share has dropped from 42.3% last year to 40.1%, but it still leads the market by a wide margin, reflecting the diversity and dynamism of India's auto market competition.
Maruti Suzuki faces not only traditional competitors like Hyundai(+0.8%) but also SUV-focused Mahindra(+24.7%) and Toyota(+37%), which is rising in the mid-to-high-end market.
Mahindra's continuous growth highlights the long-term potential of the SUV market in India. As a key market where consumers prefer SUVs, Mahindra's product strategy has successfully captured this trend.
The growth of MG and Nissan also proves that brands' focus on technological innovation and market segmentation is key to success.
● Model-wise:
◎ The sales champion remains the Maruti Suzuki Ertiga(+32.2%), which not only secured the monthly sales title for the second consecutive time but also reinforced its dominance in the MPV market. This performance has also helped the Ertiga climb to third place in cumulative sales this year, boosting Maruti Suzuki's confidence at the brand level.
◎ The sustained popularity of the Hyundai Creta(+33.8%) reflects strong consumer demand for compact SUVs.
◎ Meanwhile, the impressive performance of new models like the Maruti Suzuki Fronx and Mahindra Scorpio highlights the market's high acceptance of new products.
◎ Notably, the Toyota Innova and Mahindra XUV700 surpassed 10,000 units in sales for the first time, indicating growing demand in the mid-to-high-end market.
◎ The Tata Curvv exceeded 5,000 units in sales for the first time, showcasing Tata's potential in the new energy sector.
◎ Additionally, the MG Windsor(rebranded Baojun Cloud) entered the rankings with sales exceeding 3,000 units, demonstrating the effectiveness of its rebranding strategy in reattracting consumer attention.
Summary
India's auto market performed well in October! Leading players like Maruti Suzuki and Mahindra are ahead, while emerging forces like MG and Toyota need to seize market opportunities.
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