Passenger vehicle wholesales in India reached a record high in July 2023, with an estimated 3,52,492 units sold. The surge in demand for Sports Utility Vehicles (SUVs) and Multi-Purpose Vehicles (MPVs) played a significant role in achieving this milestone, although the demand for small cars remained tepid and affected overall growth. The overall sales figure is up 3.1 percent compared to the same month last year, making July 2023 the best-performing month for the passenger vehicle industry this calendar year, and likely the best July in history.
The statistics revealed that utility vehicles, including SUVs and MPVs, continue to dominate the market, constituting every second car sold in the country. This segment’s growth outpaced that of hatchbacks and sedans, establishing it as the highest seller for nearly all manufacturers. Cumulative sales for the first seven months of 2023 totaled approximately 23,62,500 units, representing a remarkable 9 percent year-on-year growth.
Passenger Vehicles Sales in July 2023
| Manufacturer | July ’23 | July ’22 | YoY growth | June ’23 | MoM growth |
|---|---|---|---|---|---|
| Maruti Suzuki | 1,52,126 | 1,42,850 | 6% | 1,33,027 | 14.35% |
| Hyundai Motors | 50,701 | 50,500 | 0 | 50,001 | 1.39% |
| Tata Motors | 47,689 | 47,636 | 0 | 47,359 | 0.69% |
| Mahindra & Mahindra | 36,205 | 28,053 | 29% | 32,588 | 11% |
| Toyota Kirloskar Motors | 20,759 | 19,693 | 5% | 18,237 | 14% |
| MG Motor India | 5,012 | 4,013 | 25% | 5,125 | -2.2% |
| Honda Cars India | 4,864 | 6,784 | -28% | 5,080 | -4.4% |
| Total of 7 OEMs | 3,17,356 | 2,99,529 | 6% | 2,91,417 | 8.9% |
Leading the charts in July 2023 was Maruti Suzuki, with total wholesales of 1,52,126 units, marking a 6 percent year-on-year increase. The company’s expanding portfolio of utility vehicles, which includes compact and midsized SUVs, along with three MPVs, contributed significantly to this growth.
Maruti Suzuki
Maruti Suzuki’s UV portfolio, featuring models such as the Brezza, Ertiga, Fronx, Grand Vitara, Invicto, Jimny, S-Cross, and XL6, witnessed an impressive 167 percent year-on-year growth, selling 62,049 units in July 2023. The Nexa lineup, which includes 52,500 units sold, also played a crucial role in boosting the company’s overall performance. As a result, Maruti Suzuki’s market share rose to 43.3 percent in July 2023, compared to 41.8 percent in the same month last year.
However, the sales of the company’s other sub-segments, namely the budget hatchbacks (Alto and S Presso), compact cars (Baleno, Celerio, Dzire, Ignis, Swift, Tour S, Wagon R), premium sedan (Ciaz), and the Eeco van, declined in comparison to the previous year.
Hyundai Motors
Hyundai Motors recorded a total of 50,701 units sold in July 2023, with a marginal year-on-year growth of 0.39 percent. The Hyundai Creta remained the best-selling model for the automaker, and it recently crossed the milestone of 9,00,000 units sold since its launch eight years ago. To protect its market position, Hyundai is banking on the recently launched Exter, and it aims to achieve overall domestic market sales of around 6,00,000 units for the entire year.
Tata Motors
Tata Motors reported wholesales of 47,689 units in July 2023, maintaining flat growth compared to the same month last year. However, the company witnessed a marginal month-on-month growth of 0.11 percent. Despite facing new competition in the electric vehicle segment, Tata Motors’ EV sales grew by an impressive 53 percent year-on-year. Tata Motors has outlined plans to launch around half-a-dozen new models, including facelifts and new powertrain options, starting this festive season.
Mahindra & Mahindra
Mahindra & Mahindra achieved its highest-ever monthly SUV sales in July 2023, with total wholesales of 36,205 units. This marks a strong 29 percent year-on-year growth and an 11 percent month-on-month increase. The company’s robust market performance is due to its 31 percent growth in the first seven months of 2023, as well as the first four months of FY2024. Mahindra has expanded its SUV manufacturing capacity to cater to the surging demand for UVs.
Toyota
Toyota Kirloskar Motors reported wholesales of 20,759 units in July 2023, representing a 5 percent year-on-year growth. The company experienced a substantial 14 percent month-on-month increase in sales, driven by the rising demand for its cars, SUVs, and MPVs. MG Motor India achieved a year-on-year growth of 25 percent in July 2023, with retail sales of 5,012 units. However, the company’s sales witnessed a 2.2 percent month-on-month decline due to the impact of severe weather and floods in some parts of the country.
