Steady growth in the Indian automotive market driven by strong demand

Indian automakers have reported a continued surge in sales for the month of February, buoyed by robust demand for both two-wheelers and utility vehicles, according to monthly sales data released by industry players. Maruti Suzuki India led with total sales of 197,471 units, marking a 9 per cent year-on-year increase in domestic sales. Hyundai followed with a solid 6.8 percent growth in domestic sales.

Tata Motors saw a significant 19 per cent increase in passenger vehicle sales, while Toyota’s Indian unit achieved a record-breaking 61 per cent surge in sales. MG Motor recorded an 18 per cent sales growth, and Honda Cars India reported a 17 per cent year-on-year increase in domestic sales for February. The rise can be attributed to elevated inventory levels and heightened discount offers, particularly in the SUV segment.

In the two-wheeler segment, Hero MotoCorp reported a robust 22 per cent growth, while Bajaj Auto saw a 25 per cent increase in total two-wheeler sales. TVS Motor Company experienced a 33 per cent rise in monthly sales, and electric vehicle sales surged by 16 per cent. Suzuki Motorcycles witnessed a 59 percent increase in domestic volume, and Royal Enfield reported a 10 percent growth in sales.

Analysts anticipate this healthy momentum to continue, especially with no expected price hikes for the next three months. The Indian automotive market is poised for further growth driven by sustained demand across various vehicle segments.