Mumbai-headquartered Tata Motors bounced back in the last month of FY25 by securing the second position in the list of top passenger vehicle (PV) OEMs, as per the FADA report. Tata Motors captured 13.82 per cent of the PV market share with 48,462 units sold in March 2025. However, the company reported a year-on-year (YoY) decline in market share compared to March 2024, when it held a 14.10 per cent share with 46,509 units in retail sales.
In the previous two months (January and February 2025), Tata Motors had consecutively secured the third position. In January, the Indian automaker held an 11.57 per cent share with 53,884 units sold, which slightly increased in February to 12.75 per cent with 38,696 units sold.
Maruti Suzuki continued to lead the PV retail sales, securing the top position with a 37.77 per cent market share with 1,32,423 units sold during the period.
However, the difference between the first and second positions remains more than double, indicating Maruti Suzuki’s continued stronghold in the Indian automotive retail market.
Top 6 PV OEMs in March 2025
In January, Hyundai secured the second spot with 59,858 units and a 12.85 per cent market share, but dropped to the fourth position in March 2025, with 42,511 units and a 12.13 per cent market share. Meanwhile, Mahindra & Mahindra (M&M) sold 39,889 units in February, with a 13.15 per cent share and secured a third place in March, selling 46,297 units and holding a 13.20 per cent market share. It is to be noted that Tata Motors grabbed the second position in March 2025 by just a whisker from M&M, as the difference in the market share between the two home-grown firms was less than a percentage point. “The PV segment has benefited from discounting, forthcoming price hikes, and festive buying, contributing to a 15.5 per cent MoM and 6 per cent YoY increase,” stated FADA. Though the industry has faced certain challenges such as unrealistic targets, liquidity challenges, and regional pockets of low demand, that led to PV inventories surging exponentially to about 50–55 days.
For the upcoming quarters and FY26, the industry leaders expect a muted growth (1-4 per cent) due to unstable geopolitical and in-house conditions such as high inventory stock, volatile stock markets, among others.
