Indian automotive market witnesses steady growth on the back of robust demand

Indian automakers have reported a continued surge in sales for the month of February, buoyed by robust demand for both two-wheelers and utility vehicles, according to monthly sales data released by industry players.

Maruti Suzuki India, a leading automotive manufacturer, recorded total sales of 197,471 units, comprising domestic sales of 163,397 units. This marks a notable 9 per cent year-on-year increase in the domestic market segment. Hyundai, another prominent player in the Indian automotive sector, reported domestic sales of 50,201 units in February, representing a solid 6.8 percent growth compared to the same period last year.

Tata Motors witnessed a significant uptick of 19 per cent in its passenger vehicle (PV) sales for the month, surpassing the 12 per cent year-on-year rise recorded in January.

Meanwhile, Toyota’s Indian unit achieved record-breaking sales for the second consecutive month, reaching 25,220 units-a remarkable 61 per cent surge from the previous year. The company attributed this growth to strong demand for its sports utility vehicles (SUVs) and multi-utility vehicle models.

In February, MG Motor recorded a sales growth of over 18 per cent, selling 4,532 units compared to 3,825 units sold in January. Honda Cars India meanwhile, reported a 17 per cent year-on-year growth in domestic sales for February 2024, with 7,142 units sold.