PV Production In April Up By 10% The domestic sales of passenger vehicles increased from 2,84,271 units in April 2023 to 2,87,746 units in April 2024, an increment of 1.22 per cent. Exports too recorded a substantial jump during the period
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The passenger vehicle production stood at 3,51,290 units in April 2024, a 9.99 per cent increase from 3,16,163 units in April 2023. Subsequently, the domestic sales increased from 2,84,271 units in April 2023 to 2,87,746 units in April 2024, an increment of 1.22 per cent. Similarly, exports jumped from 40,940 units in April 2023 to 49,563 units in April 2024, an increase of 21.06 per cent, according to data released by Society of Indian Automobile Manufacturers (SIAM).
The top five passenger vehicles companies across production, domestic sales and exports in April 2024 are Maruti Suzuki India, Hyundai Motor India, Mahindra & Mahindra, Toyota Kirloskar Motor and Kia Motors India.
Key highlights of the top five companies from data released by Society of Indian Automobile Manufacturers (SIAM)
Maruti Suzuki India's production increased from 1,44,097 units in April 2023 to 1,66,325 units in April 2024, a 15.42 per cent jump. However, the domestic sales saw marginal change as it went up from 1,37,320 units in April 2023 to 1,37,952 units in April 2024. Exports stood at 21,964 in April 2024, a 30.47 per cent raise from the previous year.
Hyundai Motor India Ltd saw a gradual increase from 60,491 units in April 2023 to 62,989 units in April 2024, a 4.12 per cent increase. The company's domestic sales saw a one per cent increment from 49,701 units in April 2023 to 50,201 units in April 2024. Exports stood at 13,500 units in April 2024, a 58.82 per cent expansion, from the previous year.
Mahindra & Mahindra sold 41,008 units in April 2024 as compared to 34,698 units in April 2023, an increase of 18.18 per cent. The production recorded a growth of 26.26 per cent in the same period. However, the company's exports tanked from 879 to 544 units, a decrease of 38.11 per cent.
Toyota Kirloskar Motor registered a 19.86 percent surge in production. The company's domestic sales rose from 13,896 units in April 2023 to 18,676 units in April 2024, a 34.39 per cent increment. The exports jumped from 1,348 units in April 2023 to 1,794 units in April 2024, a rise of 33.08 per cent.
Kia Motors India registered a 27.09 per cent decrease in production, the units fell from 29,902 in April 2023 to 21,800 in April 2024. The company recorded a domestic sales loss of 13.99 per cent during the period. Exports too dropped from 7,785 units in April 2023 to 2,204 units in April 2024, a dip of 71.68 per cent.
Underlying macroeconomic factors have also played a role in the development of the sector as India experienced steady economic growth, which has led to an increase in consumer spending. The trends shaping the PV industry are supported by enhanced model availability and favourable market sentiments, particularly around festive events such as Navratri and Gudi Padwa. However, despite strong bookings and customer flow, high competition, excess supply and discounting presented challenges for sustained growth in the category.
Read more: How April Was a Turnaround Month For Top Selling PVs In India
