Goldman Sachs highlighted key developments in the retail auto sector for December, showcasing a mix of market share gains, leadership shifts, and regional trends across various segments.
Electric Two-Wheelers (E2Ws)
- Bajaj Auto emerged as the market leader with a 25% share, supported by its new Chetak launches aimed at driving volume growth.
- Other notable players:
- TVS: 24% market share.
- Ola Electric: 19% market share.
- Ather Energy: 14% market share.
- Hero MotoCorp: 1% market share.
Two-Wheelers (2Ws)
- Rural and urban two-wheeler growth stood at +9% and +10% YoY, respectively.
- In broader 2Ws, Honda and TVS gained market share by +270bps and +190bps YoY in December.
Passenger Cars
- Maruti Suzuki maintained its dominance with a 40.3% market share.
- Mahindra & Mahindra (M&M) and Toyota saw significant market share gains of +130bps and +160bps YoY, respectively.
Light Commercial Vehicles (LCVs)
- M&M gained +160bps market share YoY in the LCV category, highlighting its stronghold in the commercial vehicle segment.
Passenger Vehicles (PVs) and LCVs
- Tata Motors experienced a moderation in market share, losing 210bps in PVs and 230bps in LCVs YoY.
Medium and Heavy Commercial Vehicles (MHCVs)
- Tata Motors and Ashok Leyland recorded modest market share gains of +50bps and +40bps YoY, respectively.
Electric Vehicles (EVs)
- MG Windsor continued to capture market share from Tata Motors in the EV space, emphasizing its growing foothold in the segment.
Outlook
The retail auto sector reflects robust growth in the electric and rural segments, while traditional segments like PVs and LCVs faced challenges. Companies like Bajaj Auto, M&M, and Toyota are capitalizing on the evolving market dynamics, setting the stage for further competition in 2024.
Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Please consult a qualified financial advisor before making investment decisions.
