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Sales of sports utility vehicles (SUVs) increased in December, while small car sales declined despite significant discounts offered by Indian automakers. According to data, automakers have seen a surge in demand for premium vehicles, catering to a better-off demographic.
Maruti Suzuki and Mahindra & Mahindra Success
According to Reuters, Maruti Suzuki reported a 24% year-on-year growth in domestic SUV sales, while Mahindra & Mahindra witnessed a substantial 39% increase. Maruti's SUV segment now accounts for 36% of its domestic passenger vehicle sales, compared to 22% in the previous fiscal year, as per Archyde.
Mahindra, renowned for its Thar, Scorpio, and XUV SUV models, has experienced record-breaking sales in 2023, with a consistent monthly growth rate ranging from 20% to 57% this financial year.
Tata Motors reported an overall growth of 8% in domestic passenger vehicle sales without providing specific figures for different car categories. Among two-wheelers, Bajaj Auto and TVS Motor observed a substantial increase in domestic sales, with 26% and 27% growth, respectively. On the contrary, Eicher Motors' Royal Enfield motorcycle sales experienced a dip of 7%.
Impact of Year-End and Increased Discounts
During the year-end, automakers generally offer larger discounts; however, these discounts fail to boost entry-level vehicle sales due to low demand and inflationary pressures. Consequently, Maruti increased discounts on its lower-priced models by 40% to 45%. Alas, Maruti's small cars, such as the Alto and Baleno, witnessed a significant decline of 29%. This decline can also be attributed, in part, to Maruti's controlled wholesale activities.
Strong Demand for SUVs
Indian carmakers, especially in the SUV segment, have benefitted from robust yearly demand. SUVs accounted for almost all of Mahindra's domestic passenger vehicle sales. In contrast, SUVs constituted 36% of Maruti's domestic passenger vehicle sales this fiscal year, compared to 22% in the previous fiscal.
Two-Wheeler and Wedding Season Boost
Bajaj and other two-wheeler manufacturers experienced positive growth, with Bajaj Auto's domestic sales soaring by 26% and TVS Motor witnessing an increase of 27%. Analysts have attributed this growth to the wedding season during the month's first half.
Photo: Mahindra Newsroom
