The auto sales data for April 2024 reveals noticeable fluctuations in the overall sale of passenger vehicles compared to March. However, amidst this change, Mahindra stands out with a marginal growth of 3 percent.
Despite the monthly fluctuations, major auto manufacturers have demonstrated growth in the fiscal year 2024. Maruti Suzuki has seen a 5 percent increase in sales compared to FY23 while Tata Motors and Mahindra have experienced a 2 percent and an impressive 13 percent growth, respectively, in the passenger vehicle segment.
Maruti Suzuki, a prominent player in the market, sold 1,68,089 passenger vehicles in April, reflecting a 10 percent fluctuation from March. Similarly, Tata Motors witnessed a 5 percent fluctuation in sales, while Mahindra managed to maintain positive growth of 3 percent.
In April 2024, the two-wheeler market demonstrated positive growth, showing resilience as compared to the passenger vehicle segment. Bajaj, Hero, TVS, and Eicher have all exhibited growth percentages of 6, 9, 8, and 8 percent, respectively, compared to March.
The fiscal year 2024 has been favorable for the two-wheeler industry, correlating with the overall economic growth. Hero Motors leads the pack with a substantial 35 percent growth, followed by TVS at 25 percent, Bajaj at 17 percent, and Eicher at 12 percent.
On the other hand, the commercial vehicles (CV) sector witnessed fluctuations in April compared to March among several major corporations. Notably, Tata Motors and Ashok Leyland have bucked the trend, demonstrating impressive growth percentages of 31 and 10 percent, respectively, in FY24.
April saw a change in sales for Eicher Motors and Ashok Leyland by 52 and 38 percent, respectively, compared to March. Tata Motors also experienced a 30 percent change in sales during the same period.
In the farming and equipment sector, tractor sales have exhibited mixed trends. Mahindra recorded a significant increase with 37,039 sales, representing a 42 percent month-on-month growth in April compared to March. Additionally, Mahindra experienced a 2 percent growth in tractor sales for the fiscal year 2024. On the other hand, Escort witnessed a change of 12 percent in April compared to March, with sales dropping to 7,515 units from 8,587 units.
Despite the fluctuations witnessed at the beginning of the new fiscal year, the positive growth momentum in two-wheeler and tractor sales reflects the underlying strength of the Indian economy.
