The market share of Maruti Suzuki India slipped to 40.86 per cent in the passenger vehicle (PV) segment during FY23 compared with over 42 per cent it had in the previous fiscal, according to the latest data shared by Federation of Automobile Dealers Associations (FADA) on Tuesday.
The company recorded retail sales of 14,79,221 units during the year compared with 12,39,688 units in FY22.
Similarly, the second largest PV maker, Hyundai Motor India, also saw a dip in market share to 14.51 per cent during the year as against 16.28 per cent in FY22. It sold 5,25,088 units during the fiscal as against 4,79,027 units in FY22.
“Maruti Suzuki India has long been a leading brand in the entry-level segment, but in the post-Covid era, this segment has been struggling, leading to a decline in its market share. To revive the entry-level segment, rural India needs to be revitalised. Similarly, Hyundai Motor has seen a steady decline in its market share, primarily due to the overall decline of the Sedan segment and the poor performance of entry-level vehicles. Additionally, the absence of diesel engines has also impacted the brands,” Manish Raj Singhania, President, FADA, told businessline.
However, the share of Tata Motors grew to over 13 per cent compared with 11.27 per cent in FY22. The ‘Nexon’ maker sold 4,84,843 units during FY23 (3,31,637 units).
Mahindra & Mahindra’s market share also grew to 9 per cent during FY23 (7 per cent). It sold 3,23,691 PVs during the year (1,99,125 units). Kia India and Toyota Kirloskar Motor followed with 6.42 per cent and 4.36 per cent market share, respectively. While Kia sola 2,32,570 units (1,56,021), Toyota Kirloskar Motor sold 1,57,893 units in FY23 (1,15,001).
In the PV market, total retail sales stood at 36,20,039 units last financial year compared with 29,42,273 units in FY22.
“While Maruti and Hyundai have lost market share in recent times, Tata Motors and M&M have gained ground in the SUV segment, which has been selling like hotcakes in the Indian market... currently, SUV is the most popular vehicle type in India, and SUV-driven brands like Tata Motors, M&M, Kia and Toyota have seen growth in their market share,” Singhania added.
Two-wheeler sales
In the two-wheeler segment, market leader Hero MotoCorp’s share declined to 32 per cent in FY23 with retail sales of 51,30,611 units compared with 34.35 per cent and 46,35,480 units, respectively, in FY22.
Share of Honda Motorcycle & Scooter India and TVS Motor Company jumped to 24.33 per cent (22 per cent) and 15.53 per cent (14.79 per cent), respectively. While HMSI sold sold 38,92,340 units in FY23 (29,73,481), TVS Motor Company sold 24,84,863 units (19,96,405).
But ‘Pulsar’ maker Bajaj Auto saw a dip in its share to 10.62 per cent (12.23 per cent), the FADA reported indicated. The overall two-wheeler market saw a growth of 1,59,95,968 units compared with 1,34,94,214 units in FY22.