Highlights:
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Mahindra (+1.8%) and Toyota (+1.6%) gained significant market share by posting 22% and 36% growth, respectively
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Besides them, every other player has lost market share
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The top six brands control 93% of the Indian passenger vehicle market
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Maruti, Hyundai, Tata, Mahindra, Toyota, and MG posted their best-ever sales in 2024
OEM/Manufacturer wise analysis
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Mahindra (+1.8%) and Toyota (+1.6%) gained significant market share
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Maruti, Hyundai, Kia, and Honda have lost considerable market share among top players
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Honda, Renault, Skoda, Citroen, and Jeep have suffered massive de-growth in 2024
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The race for the No.2 position has heated up among Hyundai, Tata, and Mahindra in the second half of 2024
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The Indian market remains highly consolidated, with the top 6 players commanding 93% market share
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Profitability of brands was deeply impacted in Q3 2024 due to heavy discounting on products to prop up demand
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Hyundai Motor India came up with India’s largest IPO ever, raising $3.3 billion in 2024
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Chinese automaker SAIC has divested a 51% stake in its subsidiary MG India to Indian investors led by JSW Group
