News/ Industry/ Driven by Demand: February 2024

Driven by Demand: February 2024

While it is the shortest month, February has left us with some big stories. The car market has spiced up, with Baleno falling to third from first, exchanging its place with Wagon R. There are other such stories, too; let's look at the best ones:

Close Battle in the Top 3

Unlike F1, the Indian auto market is treating us to a fun battle for the top. The Wagon R played on its 15% YOY growth to snatch the top spot for the long-standing winner Baleno. This was helped dearly by the 6% drop Baleno saw. The star of the show, though, is the Punch, which is showing no signs of stopping. After getting 1.5x sales in January, it has outdone itself by hitting a 65% YOY growth this month.  

Ertiga Reigns Supreme in the MUV battle

If you go by pure YOY growth, the Ertiga came out at the top of all old cars this month. Now, this 140% growth really did surprise me. With the MUV battle heating up after the entry of the Carens and XL6, I expected the Ertiga to lose sales. The most selling MUV in India certainly had other plans!

The Scorpio Brothers Rejoice

The entry of the Scorpio N into the already famous Scorpio badge seems like a gold mine for Mahindra. The SUVs managed a 117% growth on an already decent 7k mark. The 5-star safety-rated Scorpio N has added fuel to the Scorpio demand fire. Did you expect this steep rise for the Scorpio?

Double Models, Double Sales 

Do I even have to mention how much we Indians love the Innova? Nothing new here, but the Innova Hycross has followed its predecessors. Combined, the Crysta and Hycross have seen double the amount of Innova badged MUVs sold in the market. If you're a sucker for numbers, then it's 103%. 

Creta is back on Top!

The New 2024 Creta facelift has done its magic on Indian buyers. It achieved 47% YOY growth and won the crown of being the best seller in its segment. Interestingly, the previous champion, Grand Vitara, also experienced healthy growth of 20%. Now you'll ask me, where are their sales coming from? Well, I'd say the segment is growing, but there's one more thing. It might not be the most significant factor, but both have ripped the Seltos off its sales. The mean-looking SUV has seen its sales fall by 22% this month, which isn't good news for Kia. Why do you think the Creta and Seltos have such opposite stories with almost the same specs? 

Hatchback on the Decline

While a hatchback, Wagon R, reigned at the Top, the general situation of the segment looks dire. If you put aside the Wagon R, the general trend of hatchbacks seems to be on a downward spiral. Legacy models like Alto and i20 took a 35% and 45% hit in sales, respectively. Considering Baleno has also seen negative growth, do you think the hatchback market will be on its way out in the coming years?

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