Maruti Suzuki, Hyundai Market Share Falls to 12-Year Low In First Half Of FY25

Market Share in FY25: landscape of India's passenger vehicle (PV) market is undergoing a notable transformation as dominance of long-standing players declines while new entrants gain ground.

According to a research report by Jefferies, combined market share of two top automobile manufacturers--Maruti Suzuki and Hyundai--has slipped to a 12-year low in first half of fiscal year 2025 (1HFY25).

This shift highlights a dynamic change in consumer preferences and competitive positioning within PV sector.

report said, "Market shares of top 2 OEMs (Maruti and Hyundai) slipping to 12-year lows in 1HFY25 and Mahindra and Toyota climbing to all-time highs".

While Maruti Suzuki and Hyundai have tritionally led PV market in country, or players, particularly Mahindra & Mahindra (M&M) and Toyota are making significant inros. report noted that Mahindra's market share has surged to an all-time high of 12.5 per cent in 1HFY25, bolstered by increasing demand for SUVs, a segment in which Mahindra has consistently launched new models.

Similarly, Tata Motors' market share peaked at an 11-year high of 14 per cent in FY23, though it has slightly decreased to 13.3 per cent in first half of FY25.
report also mentioned that second quarter was a challenging period for country's PV industry, with overall wholesale volumes--including exports--registering a 1 per cent year-on-year decline.

This trend indicates that sector is facing some hewinds even as consumer preferences shift towards newer, feature-rich, and more versatile vehicles like SUVs, an area where Mahindra and Tata Motors have found success.
It said, "2Q was a weak quarter for India's PV industry, with wholesale (including exports) falling 1 per cent YoY."

As per recent sales data from Society of Indian Automobile Manufacturers (SIAM), passenger car sales in October has registered a de-growth of 17 per cent.

However, passenger vehicles (PVs) sales which include all passenger vehicles like Bus, Auto, and Car saw ir highest-ever sales for October with 3,93,238 units sold--a 0.9 per cent increase compared to October 2023.