In a revving start to 2024, the Federation of Automobile Dealers Associations (FADA) dropped the bombshell that the Indian vehicle market is not just cruising but racing ahead with a staggering 15% growth in January. The two-wheelers are leading the pack, zipping through with a 15% surge, closely tailed by three-wheelers at a breathtaking 37%, while passenger vehicles, tractors, and commercial vehicles trail behind with 13%, 21%, and a snail-paced 0.1% growth, respectively.
Amidst the chaos of growth, the demand for two-wheelers remains unshaken, drawing strength from the robust rural economy, thanks to bumper crop production. Not to be outdone, passenger vehicles smashed records with a jaw-dropping 393,250 units flying off the lots, setting a new benchmark in automotive retail history.
Meanwhile, tractors, those unsung heroes of the agriculture sector, made a dramatic comeback, with sales plowing ahead by 21%, fueled by dreams of a prosperous Rabi crop. However, commercial vehicles seem to be stuck in the slow lane, inching forward with a modest 0.1% growth, as they eye the post-election period for a turbo boost.
FADA President, Manish Raj Singhania, couldn’t contain his excitement, stating, “January 2024 began on a promising note for the calendar year, demonstrating 15% overall retail growth compared to the previous year. All vehicle categories – 2W, 3W, PV, Tractors, and CV – achieved positive YoY growth of 15%, 37%, 13%, 21%, and 0.1% respectively.”
The two-wheeler segment revved up for an impressive start, with improved vehicle availability, a surge in premium model demand, and an electrifying interest in electric vehicles, now making up 55% of the three-wheeler market. The passenger vehicle sector, not to be outdone, cruised to an all-time high with significant year-on-year growth, driven by SUV demand and an arsenal of new models.
Despite the sales party, clouds of concern loom over the passenger vehicle inventory levels, parked worryingly in the 50-55 day range. This signals a need for auto manufacturers to shift gears and realign production with market demand to prevent future pile-ups.
As we steer into February 2024, the road ahead for the Indian Auto Retail landscape is paved with both opportunities for growth and speed bumps of challenges. From the marriage season fuelling the two-wheeler sales to new launches across the board, the industry’s engines are warmed up and ready to go. Yet, hurdles like market uncertainty due to upcoming elections, supply chain hiccups, and financing roadblocks might require some skillful navigation.
The industry, however, remains in a state of cautious optimism, with the wind of government policies and rural economic growth at its back. As the country gears up for more record-breaking performances and navigates the twists and turns of market dynamics, the ride for the Indian auto sector in 2024 promises to be nothing short of exhilarating.
In this turbocharged atmosphere, stakeholders across the board, from manufacturers to dealers, are buckling up for a year where adaptability, strategic planning, and a keen eye on consumer trends will be key to crossing the finish line with flying colors. With engines revving and wheels spinning, the Indian auto industry is all set to take the fast lane to success, leaving a trail of dust and high expectations in its wake.
Online Members Survey
- Inventory at the end of Jan’24
- Average inventory for Passenger Vehicles ranges from 50-55 days
- Average inventory for Two – Wheelers ranges from 10-15 days
- Liquidity
- Neutral 45.98%
- Good 36.98%
- Bad 17.04%
- Sentiment
- Neutral 44.37%
- Good 39.23%
- Bad 16.04%
§ Expectation from February
- Growth 54.02%
- Flat 37.94%
- De-growth 08.04%
Chart showing Vehicle Retail Data for Jan’24
All India Vehicle Retail Data for Jan’24
| CATEGORY | JAN’24 | JAN’23 | YoY % | DEC’23 | MoM % |
| 2W | 14,58,849 | 12,68,990 | 14.96% | 14,49,693 | 0.63% |
| 3W | 97,675 | 71,325 | 36.94% | 95,449 | 2.33% |
| E-RICKSHAW(P) | 40,526 | 29,955 | 35.29% | 45,108 | -10.16% |
| E-RICKSHAW WITH CART (G) | 3,739 | 1,990 | 87.89% | 3,688 | 1.38% |
| THREE-WHEELER (GOODS) | 10,163 | 7,870 | 29.14% | 9,048 | 12.32% |
| THREE-WHEELER (PASSENGER) | 43,188 | 31,455 | 37.30% | 37,522 | 15.10% |
| THREE-WHEELER (PERSONAL) | 59 | 55 | 7.27% | 83 | -28.92% |
| PV | 3,93,250 | 3,47,086 | 13.30% | 2,93,005 | 34.21% |
| TRAC | 88,671 | 73,184 | 21.16% | 78,872 | 12.42% |
| CV | 89,208 | 89,106 | 0.11% | 73,896 | 20.72% |
| LCV | 49,835 | 52,892 | -5.78% | 41,804 | 19.21% |
| MCV | 5,454 | 4,874 | 11.90% | 4,808 | 13.44% |
| HCV | 29,179 | 28,479 | 2.46% | 23,050 | 26.59% |
| Others | 4,740 | 2,861 | 65.68% | 4,234 | 11.95% |
| Total | 21,27,653 | 18,49,691 | 15.03% | 19,90,915 | 6.87% |
Source: FADA Research
OEM wise Market Share Data for the Month of Jan’24 with YoY comparison
| Two-Wheeler OEM | JAN’24 | Market Share (%) JAN’24 | JAN’23 | Market Share (%) JAN’23 |
| HERO MOTOCORP LTD | 4,10,395 | 28.13% | 3,71,244 | 29.26% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 3,57,088 | 24.48% | 3,18,817 | 25.12% |
| TVS MOTOR COMPANY LTD | 2,54,238 | 17.43% | 2,08,731 | 16.45% |
| BAJAJ AUTO GROUP | 1,76,836 | 12.12% | 1,38,912 | 10.95% |
| BAJAJ AUTO LTD | 1,76,835 | 12.12% | 1,38,286 | 10.90% |
| CHETAK TECHNOLOGY LIMITED | 1 | 0.00% | 626 | 0.05% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 75,502 | 5.18% | 59,815 | 4.71% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 65,816 | 4.51% | 65,140 | 5.13% |
| INDIA YAMAHA MOTOR PVT LTD | 57,805 | 3.96% | 47,451 | 3.74% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 32,252 | 2.21% | 18,353 | 1.45% |
| ATHER ENERGY PVT LTD | 9,247 | 0.63% | 9,227 | 0.73% |
| PIAGGIO VEHICLES PVT LTD | 3,139 | 0.22% | 3,129 | 0.25% |
| CLASSIC LEGENDS PVT LTD | 2,808 | 0.19% | 3,641 | 0.29% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 2,352 | 0.16% | 87 | 0.01% |
| BGAUSS AUTO PRIVATE LIMITED | 1,485 | 0.10% | 716 | 0.06% |
| Others Including EV | 9,886 | 0.68% | 23,727 | 1.87% |
| Total | 14,58,849 | 100% | 12,68,990 | 100% |
Source: FADA Research
Disclaimer:
1- The above numbers do not have figures from TS & LD.
2- Vehicle Retail Data has been collated as on 06.02.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,356 out of 1,443 RTOs.
3- Others include OEMs accounting less than 0.1% Market Share.
| Three-Wheeler OEM | JAN’24 | Market Share (%) JAN’24 | JAN’23 | Market Share (%) JAN’23 |
| BAJAJ AUTO LTD | 35,606 | 36.45% | 27,024 | 37.89% |
| PIAGGIO VEHICLES PVT LTD | 7,651 | 7.83% | 6,041 | 8.47% |
| MAHINDRA & MAHINDRA LIMITED | 5,329 | 5.46% | 4,019 | 5.63% |
| MAHINDRA LAST MILE MOBILITY LTD | 4,814 | 4.93% | – | 0.00% |
| MAHINDRA & MAHINDRA LIMITED | 502 | 0.51% | 2,375 | 3.33% |
| MAHINDRA REVA ELECTRIC VEHICLES PVT LTD | 13 | 0.01% | 1,644 | 2.30% |
| YC ELECTRIC VEHICLE | 3,375 | 3.46% | 2,275 | 3.19% |
| SAERA ELECTRIC AUTO PVT LTD | 2,359 | 2.42% | 1,749 | 2.45% |
| ATUL AUTO LTD | 2,068 | 2.12% | 1,837 | 2.58% |
| DILLI ELECTRIC AUTO PVT LTD | 2,007 | 2.05% | 1,493 | 2.09% |
| TVS MOTOR COMPANY LTD | 1,786 | 1.83% | 1,368 | 1.92% |
| HOTAGE CORPORATION INDIA | 1,183 | 1.21% | 720 | 1.01% |
| MINI METRO EV L.L.P | 1,115 | 1.14% | 1,117 | 1.57% |
| UNIQUE INTERNATIONAL | 1,114 | 1.14% | 845 | 1.18% |
| ENERGY ELECTRIC VEHICLES | 1,044 | 1.07% | 605 | 0.85% |
| CHAMPION POLY PLAST | 993 | 1.02% | 1,147 | 1.61% |
| Others including EV | 32,045 | 32.81% | 21,085 | 29.56% |
| Total | 97,675 | 100% | 71,325 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 06.02.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,356 out of 1,443 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Commercial Vehicle OEM | JAN’24 | Market Share (%) JAN’24 | JAN’23 | Market Share (%) JAN’23 |
| TATA MOTORS LTD | 31,188 | 34.96% | 33,701 | 37.82% |
| MAHINDRA & MAHINDRA LIMITED | 23,580 | 26.43% | 21,834 | 24.50% |
| ASHOK LEYLAND LTD | 13,969 | 15.66% | 14,615 | 16.40% |
| VE COMMERCIAL VEHICLES LTD | 5,817 | 6.52% | 5,842 | 6.56% |
| MARUTI SUZUKI INDIA LTD | 4,194 | 4.70% | 4,090 | 4.59% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 2,135 | 2.39% | 1,805 | 2.03% |
| FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE | 1,244 | 1.39% | 1,156 | 1.30% |
| SML ISUZU LTD | 674 | 0.76% | 720 | 0.81% |
| Others | 6,407 | 7.18% | 5,343 | 6.00% |
| Total | 89,208 | 100.00% | 89,106 | 100.00% |
Source: FADA Research
Disclaimer:
1- The above numbers do not have figures from TS & LD.
2- Vehicle Retail Data has been collated as on 06.02.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,356 out of 1,443 RTOs.
| PV OEM | JAN’24 | Market Share (%) JAN’24 | JAN’23 | Market Share (%) JAN’23 |
| MARUTI SUZUKI INDIA LTD | 1,72,813 | 43.94% | 1,51,736 | 43.72% |
| TATA MOTORS LTD | 53,094 | 13.50% | 45,617 | 13.14% |
| HYUNDAI MOTOR INDIA LTD | 51,652 | 13.13% | 46,769 | 13.47% |
| MAHINDRA & MAHINDRA LIMITED | 41,243 | 10.49% | 35,198 | 10.14% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 20,237 | 5.15% | 11,387 | 3.28% |
| KIA MOTORS INDIA PVT LTD | 18,931 | 4.81% | 19,734 | 5.69% |
| HONDA CARS INDIA LTD | 9,118 | 2.32% | 7,607 | 2.19% |
| SKODA AUTO VOLKSWAGEN GROUP | 8,730 | 2.22% | 8,916 | 2.57% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 8,663 | 2.20% | 8,725 | 2.51% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | – | 0.00% | 4 | 0.00% |
| AUDI AG | 67 | 0.02% | 184 | 0.05% |
| SKODA AUTO INDIA/AS PVT LTD | – | 0.00% | 3 | 0.00% |
| MG MOTOR INDIA PVT LTD | 4,366 | 1.11% | 3,427 | 0.99% |
| RENAULT INDIA PVT LTD | 3,855 | 0.98% | 7,329 | 2.11% |
| NISSAN MOTOR INDIA PVT LTD | 2,762 | 0.70% | 2,893 | 0.83% |
| BMW INDIA PVT LTD | 1,340 | 0.34% | 932 | 0.27% |
| MERCEDES -BENZ GROUP | 1,333 | 0.34% | 1,322 | 0.38% |
| MERCEDES-BENZ INDIA PVT LTD | 1,212 | 0.31% | 1,259 | 0.36% |
| MERCEDES -BENZ AG | 113 | 0.03% | 63 | 0.02% |
| DAIMLER AG | 8 | 0.00% | – | 0.00% |
| PCA AUTOMOBILES INDIA PVT LTD | 748 | 0.19% | 904 | 0.26% |
| FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE | 711 | 0.18% | 621 | 0.18% |
| FIAT INDIA AUTOMOBILES PVT LTD | 470 | 0.12% | 879 | 0.25% |
| JAGUAR LAND ROVER INDIA LIMITED | 273 | 0.07% | 221 | 0.06% |
| VOLVO AUTO INDIA PVT LTD | 220 | 0.06% | 194 | 0.06% |
| BYD INDIA PRIVATE LIMITED | 150 | 0.04% | 140 | 0.04% |
| Others | 1,204 | 0.31% | 1,260 | 0.36% |
| Total | 3,93,250 | 100% | 3,47,086 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 06.02.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,356 out of 1,443 RTOs.
| Tractor OEM | JAN’24 | Market Share (%) JAN’24 | JAN’23 | Market Share (%) JAN’23 |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 20,474 | 23.09% | 16,969 | 23.19% |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 16,456 | 18.56% | 12,465 | 17.03% |
| INTERNATIONAL TRACTORS LIMITED | 11,515 | 12.99% | 8,952 | 12.23% |
| TAFE LIMITED | 11,003 | 12.41% | 7,966 | 10.88% |
| ESCORTS LIMITED (AGRI MACHINERY GROUP) | 8,185 | 9.23% | 7,675 | 10.49% |
| EICHER TRACTORS | 6,226 | 7.02% | 4,902 | 6.70% |
| JOHN DEERE INDIA PVT LTD (TRACTOR DEVISION) | 5,739 | 6.47% | 5,782 | 7.90% |
| CNH INDUSTRIAL (INDIA) PVT LTD | 3,501 | 3.95% | 2,858 | 3.91% |
| KUBOTA AGRICULTURAL MACHINERY INDIA PVT.LTD. | 1,732 | 1.95% | 2,324 | 3.18% |
| CAPTAIN TRACTORS PVT. LTD. | 921 | 1.04% | 236 | 0.32% |
| V.S.T. TILLERS TRACTORS LIMITED | 483 | 0.54% | 568 | 0.78% |
| ADICO ESCORTS AGRI EQUIPMENTS PVT. LTD. | 396 | 0.45% | 104 | 0.14% |
| Others | 2,040 | 2.30% | 2,383 | 3.26% |
| Total | 88,671 | 100% | 73,184 | 100% |
Source: FADA Research
Disclaimer:
1- The above numbers do not have figures from TS & LD.
2- Vehicle Retail Data has been collated as on 06.02.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,356 out of 1,443 RTOs.
