May 2023 Car Sales: Maruti Suzuki Leads the Race, Honda Faces a Setback

May 2023 witnessed an impressive YoY growth of 13.7% in the Indian automobile industry, with total unit sales of 3,34,499 vehicles, compared to 2,94,088 units in the same period last year. Among the leading players, Maruti Suzuki remained at the top, Hyundai secured second place, Tata Motors stood third, and Mahindra took fourth.

Maruti Suzuki Holds the Top Position

Maruti Suzuki maintained its dominance in the Indian automotive market, selling 1,43,708 vehicles in May 2023, up from 1,24,474 units in the same month last year. This represents a YoY growth of 15.5%.

Hyundai and Tata Motors Follow Close Behind

South Korean automaker Hyundai held onto its second-place spot, with total sales of 48,601 units, marking an increase of 14.9% from the 42,293 units sold in May 2022. Tata Motors, however, saw a modest YoY volume growth of 5.9%, selling 45,880 units compared to the 43,341 units from the same period last year.

Mahindra & Mahindra Claims the Fourth Spot

Mahindra & Mahindra achieved the fourth spot by selling 32,883 units, a significant YoY growth of 23.4% from 26,650 units in May 2022. Maruti Suzuki, Hyundai, Tata, and Mahindra held an 81% market share, making up 43%, 14.5%, 13.7%, and 9.8% of total car sales.

A Mixed Bag for Kia, Toyota, and Honda

Kia India finished fifth with a slight YoY growth of 0.3%, selling 18,766 units against 18,718 units. Meanwhile, Toyota set a new personal record, selling 19,379 units, almost a 90% YoY increase from 10,216 units, thanks to the third shift that reduced the waiting period for Innova Hycross, Fortuner, and Urban Cruiser Hyryder.

In contrast, Honda struggled to sell only 4,660 units, down by a massive 43.1% from 8,188 units in May 2022. However, the Japanese brand is set to globally debut the Elevate on June 6, with an India launch planned for the following months.

Other Key Players

MG secured the eighth spot, managing to sell just over 5,000 units. Renault, Skoda, Volkswagen, Nissan, Citroen, and Jeep accounted for the remaining market share in the Indian automotive industry.

Despite the diverse performance of different companies, the Indian automobile industry, as a whole, is moving positively forward, showing encouraging signs of recovery and growth.