| Brand | Nov’24 | Nov’23 | Growth | Nov’24 | Oct’24 | Growth |
| Maruti Suzuki | 141312 | 134518 | 5.05% | 141312 | 159591 | -11.45% |
| Hyundai | 48246 | 49451 | -2.44% | 48246 | 55568 | -13.18% |
| Tata | 47063 | 46070 | 2.16% | 47063 | 48133 | -2.22% |
| Mahindra | 46222 | 39981 | 15.61% | 46222 | 54504 | -15.20% |
| Toyota | 25183 | 16924 | 48.80% | 25183 | 28138 | -10.50% |
| Kia | 20600 | 22762 | -9.50% | 20600 | 22753 | -9.46% |
| MG | 5019 | 4154 | 20.82% | 5019 | 7045 | -28.76% |
| Honda | 5005 | 8730 | -42.67% | 5005 | 5546 | -9.75% |
| VW | 3033 | 3095 | -2.00% | 3033 | 4458 | -31.97% |
| Skoda | 2886 | 3783 | -23.71% | 2886 | 4079 | -29.25% |
| Renault | 2811 | 2452 | 14.64% | 2811 | 3870 | -27.36% |
| Nissan | 2342 | 2454 | -4.56% | 2342 | 3121 | -24.96% |
| Cetroen | 598 | 537 | 11.36% | 598 | 717 | -16.60% |
| Jeep | 361 | 317 | 13.88% | 361 | 424 | -14.86% |
The automotive industry in India continues to showcase dynamic performance in November 2024, as OEMs (Original Equipment Manufacturers) battle shifting consumer demands, market conditions, and seasonal trends. In this report, we break down the Year-on-Year (Y-o-Y) and Month-on-Month (M-o-M) sales growth for major OEMs, providing a comprehensive look at their performance in the month of November.
1. Maruti Suzuki: Consistent Growth Amidst Seasonal Fluctuations
- Nov’24 Sales: 141,312 units
- Nov’23 Sales: 134,518 units
- Y-o-Y Growth: +5.05%
- Nov’24 vs. Oct’24 Sales: 141,312 units (M-o-M growth: -11.45%)
Maruti Suzuki has managed to maintain its position as a dominant player in the Indian automotive market with a Y-o-Y growth of 5.05%. This performance underscores the continued popularity of its vehicles across segments, especially with models like Baleno, Swift, and Brezza driving the sales.
However, Maruti Suzuki experienced a M-o-M decline of 11.45%, a trend often seen in the automotive industry as the festive season wraps up and demand stabilizes. Despite this drop, the brand’s overall performance remains strong, driven by its broad portfolio catering to a variety of consumer needs.
2. Hyundai: Slight Decline in Sales Amid Challenging Market Conditions
- Nov’24 Sales: 48,246 units
- Nov’23 Sales: 49,451 units
- Y-o-Y Growth: -2.44%
- Nov’24 vs. Oct’24 Sales: 48,246 units (M-o-M growth: -13.18%)
Hyundai experienced a Y-o-Y decline of 2.44% in November 2024, with Creta and Venue continuing to be its top-selling models. While the company still maintains a solid market share, the performance reflects some challenges in the market, possibly due to increased competition and evolving consumer preferences.
The M-o-M decline of 13.18% suggests a typical seasonal slowdown post-festive months, where demand naturally tapers off following the Diwali rush. Hyundai will need to maintain its focus on premium SUVs and expand its electric vehicle lineup to address these market shifts moving forward.
3. Tata Motors: Sustained Growth with Strong SUV Sales
- Nov’24 Sales: 47,063 units
- Nov’23 Sales: 46,070 units
- Y-o-Y Growth: +2.16%
- Nov’24 vs. Oct’24 Sales: 47,063 units (M-o-M growth: -2.22%)
Tata Motors has shown consistent growth in November 2024, posting a Y-o-Y increase of 2.16%. The brand’s strong performance can be attributed to its successful SUV models like Nexon, Punch, and Harrier, which have resonated well with Indian buyers due to their excellent safety features and value for money.
The M-o-M decline of 2.22% is relatively moderate, indicating that Tata’s sales remained fairly stable despite a general dip in the market post-festive season.
4. Mahindra: Significant Growth in SUV Segment
- Nov’24 Sales: 46,222 units
- Nov’23 Sales: 39,981 units
- Y-o-Y Growth: +15.61%
- Nov’24 vs. Oct’24 Sales: 46,222 units (M-o-M growth: -15.20%)
Mahindra posted a remarkable Y-o-Y growth of 15.61%, demonstrating the company’s strong foothold in the SUV market. The success of models like XUV700, Thar, and Scorpio has contributed to this impressive growth. Mahindra’s rugged, adventure-ready vehicles are particularly popular among buyers seeking a balance of performance and luxury.
However, the M-o-M decline of 15.20% reflects the overall seasonal slowdown seen in November, which is typical following the festive rush.
5. Toyota: Strong Performance with Significant Growth
- Nov’24 Sales: 25,183 units
- Nov’23 Sales: 16,924 units
- Y-o-Y Growth: +48.80%
- Nov’24 vs. Oct’24 Sales: 25,183 units (M-o-M growth: -10.50%)
Toyota saw an exceptional Y-o-Y growth of 48.80%, largely driven by strong sales of the Innova Crysta and the newer Innova Hycross. Toyota’s focus on reliability, comfort, and quality has resonated well with Indian buyers, especially those looking for spacious family cars.
The M-o-M decline of 10.50% is in line with industry-wide trends, though Toyota’s impressive annual growth showcases the brand’s expanding footprint in the Indian automotive market.
6. Kia: A Decline Amidst Strong Competition
- Nov’24 Sales: 20,600 units
- Nov’23 Sales: 22,762 units
- Y-o-Y Growth: -9.50%
- Nov’24 vs. Oct’24 Sales: 20,600 units (M-o-M growth: -9.46%)
Kia’s Y-o-Y decline of 9.50% in November 2024 indicates some challenges for the brand, particularly in the highly competitive SUV market. Models like Sonet and Seltos have contributed to the brand’s market presence, but the performance shows that it is facing tough competition from both established players like Maruti and Hyundai and emerging brands like Tata.
Kia’s M-o-M decline of 9.46% also reflects the post-festive market correction, but the brand’s focus on style, technology, and comfort continues to attract buyers.
7. MG Motor: Notable Growth Despite a Slowdown
- Nov’24 Sales: 5,019 units
- Nov’23 Sales: 4,154 units
- Y-o-Y Growth: +20.82%
- Nov’24 vs. Oct’24 Sales: 5,019 units (M-o-M growth: -28.76%)
MG Motor reported a strong Y-o-Y growth of 20.82%, thanks to the growing popularity of models like MG Hector and the electric MG ZS EV. The brand has capitalized on the increasing demand for electric vehicles (EVs) and premium SUVs.
The M-o-M decline of 28.76% is steep, but it can be attributed to the typical market cooldown after the Diwali season, where demand tends to dip across many segments.
8. Honda: A Challenging Month and Year
- Nov’24 Sales: 5,005 units
- Nov’23 Sales: 8,730 units
- Y-o-Y Growth: -42.67%
- Nov’24 vs. Oct’24 Sales: 5,005 units (M-o-M growth: -9.75%)
Honda’s Y-o-Y decline of 42.67% is concerning and suggests a significant loss in market share. The brand has struggled in recent years, with models like City and Amaze failing to sustain previous momentum. The M-o-M decline of 9.75% also indicates that sales have not rebounded significantly since the festive season.
Other OEMs Performance
- VW: Sales of 3,033 units (-2.00% Y-o-Y, -31.97% M-o-M)
- Skoda: Sales of 2,886 units (-23.71% Y-o-Y, -29.25% M-o-M)
- Renault: Sales of 2,811 units (+14.64% Y-o-Y, -27.36% M-o-M)
- Nissan: Sales of 2,342 units (-4.56% Y-o-Y, -24.96% M-o-M)
- Citroën: Sales of 598 units (+11.36% Y-o-Y, -16.60% M-o-M)
- Jeep: Sales of 361 units (+13.88% Y-o-Y, -14.86% M-o-M)
Conclusion: A Mixed Performance in November 2024
November 2024 presents a mixed bag for Indian OEMs. While brands like Maruti Suzuki, Mahindra, Toyota, and MG Motor have shown significant Y-o-Y growth, others such as Hyundai, Kia, and Honda have seen declines.
The M-o-M trends reflect a typical seasonal slowdown after the festive rush, with many brands facing double-digit drops in sales. Despite this, the overall growth for many OEMs in the long run highlights the resilience of the market.
As we look toward 2025, the success of SUVs, electric vehicles, and premium models will likely continue to shape the market. Brands focusing on these segments, coupled with innovations in safety, technology, and sustainability, will be the ones to watch in the coming months.