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In the dynamic landscape of India's auto market, February 2024 marks a notable growth, particularly in the Three-Wheeler (3W) segment. According to data released by the Federation of Automobile Dealers Associations (FADA), the month witnessed a robust overall growth of 13% Year-on-Year (YoY) across all vehicle categories, indicating positive momentum despite prevailing economic challenges.
The standout performer of February's automotive market surge was the Three-Wheeler (3W) sector, which experienced a remarkable 24% Year-on-Year growth. This surge is indicative of a changing trend and consumer preferences within the sector.
A closer look at the market share distribution among Three-Wheeler Original Equipment Manufacturers (OEMs) reveals interesting insights into the competitive landscape:
Source: - FADA Research
In the dynamic landscape of Three-Wheeler Original Equipment Manufacturers (OEMs), Bajaj Auto Ltd continues to dominate the market, securing a substantial 36.53% market share in February 2024. With an impressive sales figure of 34,677 units during this period, Bajaj Auto Ltd has demonstrated resilience and growth compared to the previous year's 39.00% market share and 29,883 units sold in February 2023. Piaggio Vehicles Pvt Ltd maintains its position as a key player, holding an 8.44% market share with 8,010 units sold in February 2024, slightly down from the 8.85% market share and 6,780 units in February 2023.
Mahindra & Mahindra Limited showcases consistent performance, securing a 6.17% market share with 5,853 units sold in February 2024, compared to 6.12% and 4,686 units in the previous year. YC Electric Vehicle emerges as a noteworthy player, witnessing growth with a 3.54% market share and 3,356 units sold, up from 3.42% and 2,620 units in February 2023.
Saera Electric Auto Pvt Ltd and Dilli Electric Auto Pvt Ltd exhibit competitive positions with 2.20% (2,090 units) and 2.10% (1,990 units) market shares and unit sales, respectively, in February 2024. While both have experienced a slight dip from the previous year in market share, they still remain solid contributors to the industry.
Atul Auto Ltd faces a marginal decline in market share from 2.58% in February 2023 to 2.07% in February 2024, accompanied by a decrease in units sold from 1,975 in February 2023 to 1,961 in February 2024. TVS Motor Company Ltd and Mini Metro EV L.L.P also showcase notable performances, contributing 2.03% and 1.22% market shares in February 2024, with 1,926 and 1,154 units sold in February 2024, respectively.
The sector continues to diversify, with Unique International, Hotage Corporation India, J. S. Auto (P) Ltd, and others, including electric vehicles, accounting for 1.08%, 1.05%, 1.01%, and 32.57% of the market share respectively. In February 2024, the overall industry reported a total of 94,918 units sold, marking a significant increase from the 76,619 units sold in the same month of the previous year. This data underscores the dynamic nature of the Three-Wheeler OEM market, with each brand contributing uniquely to its overall growth and evolution.
Also Read: February 2024 Electric Three-wheeler L5 Sales Report: Mahindra and Mahindra emerge as a top choice.
In February 2024, India's auto market displayed a robust 13% YoY growth, with the Three-Wheeler (3W) segment leading at an impressive 24% YoY surge. Electric Vehicles (EVs) notably contributed, constituting 53% of the overall growth, showcasing a shift towards sustainable transportation. Bajaj Auto dominated with a 36.53% market share, reflecting resilience and growth. Other players like Piaggio, Mahindra, and YC Electric also demonstrated noteworthy performances, emphasizing the sector's dynamic nature and evolving consumer preferences.
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