FADA Releases May 2024 Vehicle Retail Data
New Delhi, May 10, 2024 — The Federation of Automobile Dealers Associations (FADA) has released the vehicle retail data for May 2024, showcasing a mixed performance across different segments amidst various market challenges. The Indian auto retail sector achieved a 2.61% year-on-year (YoY) growth, driven by significant increases in the three-wheeler and commercial vehicle segments, while the passenger vehicle and tractor segments saw declines.
Segment Growth Highlights
- Two-Wheelers (2W): The segment recorded a 2.5% YoY increase, despite a 6.6% month-on-month (MoM) decline. Dealers attributed the growth to positive rural demand driven by expectations of a good monsoon and improved finance availability.
- Three-Wheelers (3W): This segment experienced a substantial 20% YoY growth, highlighting robust demand and market recovery.
- Passenger Vehicles (PV): The segment saw a slight decline of 1% YoY and a 9.5% MoM drop. Challenges such as election impacts, extreme heat, and market liquidity issues were cited as key factors.
- Tractors (Trac): Tractors also faced a 1% YoY decline, reflecting similar market pressures.
- Commercial Vehicles (CV): Despite a 4% YoY growth, the segment saw an 8% MoM decline. Positive contributions came from good movement in market loads and key sectors like cement, iron ore, and coal.
Market Dynamics and Challenges
Positive Sentiments
The sector benefitted from positive rural demand due to expected good monsoon conditions and improved finance availability, which kept sales counters active.
Supply and Demand
Despite supply constraints and a lack of OEM marketing activities, good movement in market loads, and key sectors like cement, iron ore, and coal contributed positively to the market.
Weather and Elections Impact
Extreme heat and elections significantly impacted showroom footfall, leading to an 18% drop in walk-ins. Additionally, elections caused uncertainties, affecting customer sentiment and delaying purchasing decisions.
Financial and Market Constraints
Market liquidity issues and high inventory levels strained dealership profitability. The lack of new model launches, intense competition, and poor marketing efforts by OEMs also posed significant challenges.
Near-Term Outlook
The industry remains cautiously optimistic about the near-term outlook. Post-election stability and a continued government are expected to boost infrastructure projects and economic activities. The India Meteorological Department (IMD) has forecast above-normal rains, which should enhance rural demand and support economic activities. However, addressing extreme weather challenges, intense competition, and liquidity issues will be crucial for sustained market improvement.
Key Survey Findings
FADA’s online members survey provided insights into the current market sentiment and liquidity conditions:
- Liquidity: 44.51% rated it neutral, 29.12% bad, and 26.37% good.
- Sentiment: 45.60% rated it neutral, 29.12% bad, and 25.27% good.
- Expectation for June 2024: 42.86% expect growth, 42.31% expect flat growth, and 14.84% anticipate a de-growth.
In conclusion, while the Indian auto retail sector saw mixed results in May 2024, the industry navigates through significant challenges with cautious optimism for the coming months. The formation of a stable government and favorable economic conditions are expected to drive growth, but addressing ongoing market challenges will be essential for sustained improvement in the automotive market.
Chart showing Vehicle Retail Data for May’24
All India Vehicle Retail Data for May’24
| CATEGORY | May’24 | Apr’24 | May’23 | MoM% | YoY% |
| 2W | 15,34,856 | 16,43,510 | 14,97,778 | -6.61% | 2.48% |
| 3W | 98,265 | 80,105 | 81,825 | 22.67% | 20.09% |
| E-RICKSHAW(P) | 39,505 | 31,808 | 36,607 | 24.20% | 7.92% |
| E-RICKSHAW WITH CART (G) | 5,530 | 4,223 | 3,126 | 30.95% | 76.90% |
| THREE – WHEELER (GOODS) | 9,927 | 9,072 | 8,236 | 9.42% | 20.53% |
| THREE – WHEELER (PASSENGER) | 43,224 | 34,938 | 33,792 | 23.72% | 27.91% |
| THREE – WHEELER (PERSONAL) | 79 | 64 | 64 | 23.44% | 23.44% |
| PV | 3,03,358 | 3,35,123 | 3,06,305 | -9.48% | -0.96% |
| TRAC | 70,065 | 56,625 | 70,813 | 23.74% | -1.06% |
| CV | 83,059 | 90,707 | 79,807 | -8.43% | 4.07% |
| LCV | 45,712 | 47,009 | 42,351 | -2.76% | 7.94% |
| MCV | 6,871 | 6,704 | 6,229 | 2.49% | 10.31% |
| HCV | 26,306 | 32,191 | 27,184 | -18.28% | -3.23% |
| Others | 4,170 | 4,803 | 4,043 | -13.18% | 3.14% |
| Total | 20,89,603 | 22,06,070 | 20,36,528 | -5.28% | 2.61% |
Source: FADA Research
Motor Vehicle Road Tax Collection (in Rs Crore)
| May’24 | Apr’24 | May’23 | MoM% | YoY% | |
| Motor Vehicle Road Tax Collection | 6,727 | 7,528 | 6,067 | -10.6% | 10.9% |
Source: FADA Research
OEM wise Market Share Data for the Month of May’24 with YoY comparison
| Two-Wheeler OEM | MAY’24 | Market Share (%) MAY’24 | MAY’23 | Market Share (%) MAY’23 |
| HERO MOTOCORP LTD | 4,45,838 | 29.05% | 5,31,037 | 35.45% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 3,90,924 | 25.47% | 2,70,305 | 18.05% |
| TVS MOTOR COMPANY LTD | 2,63,293 | 17.15% | 2,53,004 | 16.89% |
| BAJAJ AUTO GROUP | 1,75,179 | 11.41% | 1,86,571 | 12.46% |
| BAJAJ AUTO LTD | 1,75,179 | 11.41% | 1,86,473 | 12.45% |
| CHETAK TECHNOLOGY LIMITED | – | 0.00% | 98 | 0.01% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 81,840 | 5.33% | 61,714 | 4.12% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 63,239 | 4.12% | 69,658 | 4.65% |
| INDIA YAMAHA MOTOR PVT LTD | 54,488 | 3.55% | 44,529 | 2.97% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 37,225 | 2.43% | 28,742 | 1.92% |
| ATHER ENERGY PVT LTD | 6,045 | 0.39% | 15,430 | 1.03% |
| PIAGGIO VEHICLES PVT LTD | 3,033 | 0.20% | 2,857 | 0.19% |
| CLASSIC LEGENDS PVT LTD | 2,440 | 0.16% | 2,369 | 0.16% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 1,956 | 0.13% | 1,155 | 0.08% |
| Others Including EV | 9,356 | 0.61% | 30,407 | 2.03% |
| Total | 15,34,856 | 100% | 14,97,778 | 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 06.06.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,360 out of 1,503 RTOs.
3- Others include OEMs accounting less than 0.1% Market Share.
| Three-Wheeler OEM | MAY’24 | Market Share (%) MAY’24 | MAY’23 | Market Share (%) MAY’23 |
| BAJAJ AUTO LTD | 35,527 | 36.15% | 29,065 | 35.52% |
| PIAGGIO VEHICLES PVT LTD | 7,015 | 7.14% | 5,717 | 6.99% |
| MAHINDRA & MAHINDRA LIMITED | 5,286 | 5.38% | 4,808 | 5.88% |
| MAHINDRA LAST MILE MOBILITY LTD | 5,148 | 5.24% | – | 0.00% |
| MAHINDRA & MAHINDRA LIMITED | 135 | 0.14% | 4,628 | 5.66% |
| MAHINDRA REVA ELECTRIC VEHICLES PVT LTD | 3 | 0.00% | 180 | 0.22% |
| YC ELECTRIC VEHICLE | 3,779 | 3.85% | 3,244 | 3.96% |
| SAERA ELECTRIC AUTO PVT LTD | 2,474 | 2.52% | 2,059 | 2.52% |
| ATUL AUTO LTD | 2,450 | 2.49% | 1,568 | 1.92% |
| DILLI ELECTRIC AUTO PVT LTD | 2,205 | 2.24% | 2,078 | 2.54% |
| TVS MOTOR COMPANY LTD | 1,716 | 1.75% | 1,277 | 1.56% |
| UNIQUE INTERNATIONAL | 1,325 | 1.35% | 1,121 | 1.37% |
| MINI METRO EV L.L.P | 1,318 | 1.34% | 1,203 | 1.47% |
| ENERGY ELECTRIC VEHICLES | 1,069 | 1.09% | 781 | 0.95% |
| CHAMPION POLY PLAST | 993 | 1.01% | 1,219 | 1.49% |
| HOTAGE CORPORATION INDIA | 993 | 1.01% | 990 | 1.21% |
| Others including EV | 32,115 | 32.68% | 26,695 | 32.62% |
| Total | 98,265 | 100% | 81,825 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 06.06.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,360 out of 1,503 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Commercial Vehicle OEM | MAY’24 | Market Share (%) MAY’24 | MAY’23 | Market Share (%) MAY’23 |
| TATA MOTORS LTD | 29,383 | 35.38% | 26,923 | 33.74% |
| MAHINDRA & MAHINDRA LIMITED | 19,855 | 23.90% | 17,247 | 21.61% |
| ASHOK LEYLAND LTD | 13,518 | 16.28% | 14,514 | 18.19% |
| VE COMMERCIAL VEHICLES LTD | 6,559 | 7.90% | 7,231 | 9.06% |
| MARUTI SUZUKI INDIA LTD | 3,350 | 4.03% | 3,508 | 4.40% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 1,830 | 2.20% | 1,823 | 2.28% |
| FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE | 1,616 | 1.95% | 1,217 | 1.52% |
| SML ISUZU LTD | 1,310 | 1.58% | 1,214 | 1.52% |
| Others | 5,638 | 6.79% | 6,130 | 7.68% |
| Total | 83,059 | 100.00% | 79,807 | 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 06.06.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,360 out of 1,503 RTOs.
| PV OEM | MAY’24 | Market Share (%) MAY’24 | MAY’23 | Market Share (%) MAY’23 |
| MARUTI SUZUKI INDIA LTD | 1,20,954 | 39.87% | 1,20,150 | 39.23% |
| HYUNDAI MOTOR INDIA LTD | 44,456 | 14.65% | 46,378 | 15.14% |
| TATA MOTORS LTD | 41,550 | 13.70% | 42,516 | 13.88% |
| MAHINDRA & MAHINDRA LIMITED | 33,024 | 10.89% | 34,144 | 11.15% |
| KIA MOTORS INDIA PVT LTD | 18,759 | 6.18% | 17,278 | 5.64% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 18,208 | 6.00% | 15,425 | 5.04% |
| SKODA AUTO VOLKSWAGEN GROUP | 6,278 | 2.07% | 6,857 | 2.24% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 6,234 | 2.05% | 6,686 | 2.18% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | 1 | 0.00% | 4 | 0.00% |
| AUDI AG | 38 | 0.01% | 163 | 0.05% |
| SKODA AUTO INDIA/AS PVT LTD | 5 | 0.00% | 4 | 0.00% |
| HONDA CARS INDIA LTD | 4,745 | 1.56% | 5,188 | 1.69% |
| MG MOTOR INDIA PVT LTD | 4,323 | 1.43% | 4,193 | 1.37% |
| RENAULT INDIA PVT LTD | 3,627 | 1.20% | 4,407 | 1.44% |
| NISSAN MOTOR INDIA PVT LTD | 2,021 | 0.67% | 2,320 | 0.76% |
| MERCEDES -BENZ GROUP | 1,182 | 0.39% | 1,214 | 0.40% |
| MERCEDES-BENZ INDIA PVT LTD | 1,078 | 0.36% | 1,118 | 0.36% |
| MERCEDES -BENZ AG | 99 | 0.03% | 95 | 0.03% |
| DAIMLER AG | 5 | 0.00% | 1 | 0.00% |
| BMW INDIA PVT LTD | 948 | 0.31% | 985 | 0.32% |
| FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE | 732 | 0.24% | 506 | 0.17% |
| PCA AUTOMOBILES INDIA PVT LTD | 439 | 0.14% | 849 | 0.28% |
| FIAT INDIA AUTOMOBILES PVT LTD | 346 | 0.11% | 666 | 0.22% |
| JAGUAR LAND ROVER INDIA LIMITED | 303 | 0.10% | 332 | 0.11% |
| BYD INDIA PRIVATE LIMITED | 163 | 0.05% | 146 | 0.05% |
| VOLVO AUTO INDIA PVT LTD | 116 | 0.04% | 160 | 0.05% |
| Others | 1,184 | 0.39% | 2,591 | 0.85% |
| Total | 3,03,358 | 100% | 3,06,305 | 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 06.06.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,360 out of 1,503 RTOs.
| Tractor OEM | MAY’24 | Market Share (%) MAY’24 | MAY’23 | Market Share (%) MAY’23 |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 15,926 | 22.73% | 15,836 | 22.36% |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 13,093 | 18.69% | 12,776 | 18.04% |
| INTERNATIONAL TRACTORS LIMITED | 9,225 | 13.17% | 8,845 | 12.49% |
| TAFE LIMITED | 8,515 | 12.15% | 8,932 | 12.61% |
| ESCORTS LIMITED (AGRI MACHINERY GROUP) | 7,655 | 10.93% | 7,671 | 10.83% |
| JOHN DEERE INDIA PVT LTD (TRACTOR DEVISION) | 5,149 | 7.35% | 5,140 | 7.26% |
| EICHER TRACTORS | 4,461 | 6.37% | 4,507 | 6.36% |
| CNH INDUSTRIAL (INDIA) PVT LTD | 2,898 | 4.14% | 2,861 | 4.04% |
| KUBOTA AGRICULTURAL MACHINERY INDIA PVT.LTD. | 1,157 | 1.65% | 1,643 | 2.32% |
| Others | 1,986 | 2.83% | 2,602 | 3.67% |
| Total | 70,065 | 100% | 70,813 | 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 06.06.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,360 out of 1,503 RTOs.
