The market leaders in India’s automobile industry, Maruti and Hyundai, are beginning to crack under their feet. At the same time, apart from indigenous companies like Tata and Mahindra, Kia has started capturing the hearts and minds of the customers. In view of these changing trends of the customers, the mathematics of the country’s automobile sector has also started changing. According to the latest data, the market share of Maruti Suzuki India (MSI) and Hyundai Motor (HMI) has decreased in FY 2022-23 as compared to the previous year. On the other hand, the market share of Tata Motors, Mahindra & Mahindra (M&M) and Kia India has increased.
Maruti Hyundai’s share is declining
According to the retail sales data of the Federation of Automobile Dealers Association (FADA), retail sales of Maruti Suzuki are expected to increase to 14,79,221 units in the financial year 2022-23. Retail sales in the financial year 2021-22 stood at 12,39,688 units. However, MSI’s market share declined from 42.13 per cent to 40.86 per cent during this period. Earlier, MSI had said that the shortage of electronic components resulted in backlog of orders for around 3.8 lakh units in the fiscal. Similarly, retail sales of Hyundai Motor India increased to 5,25,088 units in the fiscal year ending 2022-23. However, its market share declined from 16.28 per cent to 14.51 per cent during this period.
Tata Mahindra and Kia are becoming favorites
As per the data, the market share of Tata Motors increased from 11.27 per cent to 13.39 per cent. During this period, retail sales of its passenger vehicles also increased from 3,31,637 units to 4,84,843 units. Similarly, Mahindra & Mahindra sold 3,23,691 passenger vehicles in the last financial year, Fada said. It sold 1,99,125 units in FY 2021-22. At the same time, its market share increased from 6.77 percent to 8.94 percent in the last financial year. At the same time, the market share of Kia India also increased from 5.3 percent to 6.42 percent in the last financial year. During this period, the retail sales of the company also increased from 1,56,021 units to 2,32,570 units.
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Growth was also seen in these three companies
Other automobile companies: Toyota Kirlaskar Motor and Skoda Auto Volkswagen Group have also increased their market share in FY 2022-23. FADA has collected registration data from 1,349 out of 1,434 RTOs (Regional Transport Offices) across the country.
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