Top 5 Brands with the Largest YoY Decline
Honda: Honda saw its steepest year-on-year decline in October 2024 as its sales fell by a whopping 41%. Sales dropped from 9,400 units to 5,546 units in October 2023. Despite festive demand, Honda struggled with inventory issues and fewer new models, causing its market share to drop to just 1.4%.
Kia: Kia suffered a year-on-year decline of 6.6%. While the company sold a total of 22,753 units in October 2024, the figure in October 2023 was 24,351 units. Its market share declined to 5.7%. The reason for this could be the increase in competition due to good discounts in mid-range SUVs by other brands and the launch of new models. This is the segment where Kia often leads.
Skoda: Skoda reported a 10.7% YoY decline in sales from 4,566 units in October 2023 to 4,079 units in October 2024. This decline in sales has come despite improvement in monthly performance.
Jeep: Jeep’s annual performance saw a decline of 16.4%, with sales falling from 507 units in October 2023 to 424 units this October. The brand has struggled to attract new buyers.
Maruti Suzuki: Despite being the market leader, Maruti Suzuki’s 5% annual decline is surprising. This year the company has sold 1,59,591 units. Although Maruti has retained the largest market share, it has seen increased competition and inventory issues. Market share has fallen from 43% in October 2023 to 40.1% now.
Top 5 Brands with the Largest MoM Decline
Kia: Kia suffered a 3.3% MoM decline, selling 22,753 units in October 2024 compared to 23,523 units in September 2024. With market share falling to 5.7%, this month-on-month decline indicates challenges faced by the brand in retaining buyers.
Honda: Honda saw a 2.3% MoM decline, with sales falling from 5,678 units in September 2024 to 5,546 units in October 2024.
Citroën: Citroën’s MoM sales declined by 4.7% from 752 units in September 2024 to 717 units in October 2024. It appears that the Citroen Basalt is facing difficulties in impressing customers.
Renault: Renault saw a 1.3% MoM decline from 3,930 units in September 2024 to 3,870 units in October 2024.
Jeep: Despite 16.2% MoM growth, Jeep still remains on the list due to low overall sales numbers. Only 424 units were sold in October.
In October 2024, brands like Honda, Kia and Maruti Suzuki recorded huge year-on-year declines, reflecting India’s fierce competition. Due to inventory build-up, lack of new model launches and competition from brands offering popular mid-range SUV models, these brands experienced a surprising decline in sales.
