Passenger Vehicle (PV) Sales Q4 FY 2023-24: Maruti Suzuki Leads, 11,11,734 Units, Up 8.5% YoY
Every passenger vehicle (cars, UVs and taxis) registered in India over Q4 FY 2023-24 — January 2024 to March 2024. Q4 of the financial year, January to March. Month-by-month volumes, the manufacturer leaderboard, how the segment moved against the rest of the market, and the same window in every earlier year on record.
Passenger Vehicle sales month by month, Q4 FY 2023-24
India's passenger vehicle market registered 11,11,734 passenger vehicles in Q4 FY 2023-24. Volumes rose 8.5% against the 10,24,789 logged over the same 3 months of Q4 FY 2022-23.
Passenger vehicles (PV, also called 4W) are privately registered cars and UVs plus taxis and cabs, which Vahan books as a class of their own. In Q4 FY 2023-24 that was 10,22,952 cars and UVs and 88,782 taxis and cabs; taxis were 8.0% of the total. Against Q4 FY 2022-23, cars and UVs were +5.0% and taxis +76.3%.
January was the strongest month of the period at 4,21,367 passenger vehicles and March the quietest at 3,40,690, an average of 3,70,578 a month. 2 of those 3 months grew on the same month a year earlier.
January carries the new-year registration rush — buyers who took delivery in late December often register in the first week.
Q4 FY 2023-24 ran from January 2024 to March 2024 and is closed. Every month in the table below is final, and every comparison on this page is against the matching month of Q4 FY 2022-23.
Passenger vehicles accounted for 16.8% of everything registered in India over the period, down from 17.2% in Q4 FY 2022-23. The whole market ran to 66,26,145 vehicles over the same window, up 11.1% year on year.
Passenger Vehicle registrations by month — Q4 FY 2023-24 vs Q4 FY 2022-23
Vahan retail registrations, each month set against the same month a year earlier.
Every completed month of Q4 FY 2023-24, with the matching month of Q4 FY 2022-23 beside it.
| Month | Q4 FY 2023-24 units | Q4 FY 2022-23 units | YoY | Share of period |
|---|---|---|---|---|
| January 2024 | 4,21,367 | 3,65,917 | +15.2% | 37.9% |
| February 2024 | 3,49,677 | 3,05,535 | +14.4% | 31.5% |
| March 2024 | 3,40,690 | 3,53,337 | −3.6% | 30.6% |
Each month links through to its own full report.
Which manufacturer sold the most, Q4 FY 2023-24
Maruti Suzuki led the period with 4,56,542 registrations, up 6.1% on Q4 FY 2022-23. Hyundai follows on 1,51,509, 3,05,033 behind — a gap of 3.01x.
The fastest riser in the top 8 was Toyota Kirloskar, up 49.9% to 63,777, while Skoda was down 12.9% at 22,344.
Volumes here are registrations inside the segment only, counted with Vahan's own vehicle-class filter, so each is the manufacturer's passenger vehicle volume over Q4 FY 2023-24. Companies that file electric models under a maker of their own appear as separate rows.
Top manufacturers by registrations — Q4 FY 2023-24
Registrations inside the segment (passenger vehicles only).
Exact registrations over January 2024 to March 2024, with the change against Q4 FY 2022-23.
| # | Manufacturer | Q4 FY 2023-24 units | Share of passenger vehicles | vs Q4 FY 2022-23 |
|---|---|---|---|---|
| 1 | Maruti Suzuki | 4,56,542 | 41.07% | +6.1% |
| 2 | Hyundai | 1,51,509 | 13.63% | +8.4% |
| 3 | Tata Motors (PV) | 1,32,551 | 11.92% | −3.2% |
| 4 | Mahindra | 1,26,409 | 11.37% | +23.1% |
| 5 | Kia India | 63,838 | 5.74% | +0.2% |
| 6 | Toyota Kirloskar | 63,777 | 5.74% | +49.9% |
| 7 | Honda Cars | 23,838 | 2.14% | +13.7% |
| 8 | Skoda | 22,344 | 2.01% | −12.9% |
| 9 | Tata Motors (EV) | 18,622 | 1.68% | +931000.0% |
| 10 | MG Motor | 13,170 | 1.18% | +0.9% |
| 11 | Renault India | 11,158 | 1.00% | −36.1% |
| 12 | Nissan India | 7,416 | 0.67% | −5.7% |
| 13 | Mercedes-Benz | 4,418 | 0.40% | +2.0% |
| 14 | BMW India | 3,895 | 0.35% | +47.5% |
| 15 | Tata Motors | 2,132 | 0.19% | +17.6% |
Passenger Vehicle sales against the rest of the market
Set against the rest of the market, passenger vehicles lagged the national picture over Q4 FY 2023-24: +8.5% against +11.1% for every vehicle registered in India.
The table covers every segment Vahan reports over the same 3-month window, so the comparison is like for like — the same months, the same source, on both sides.
Passenger Vehicle share of the Indian market, month by month
Passenger vehicles as a percentage of every vehicle registered that month.
Exact segment volumes over January 2024 to March 2024.
| Segment | Q4 FY 2023-24 units | Share | vs Q4 FY 2022-23 |
|---|---|---|---|
| Two-Wheelers | 46,29,534 | 69.87% | +11.7% |
| Cars & UVs | 10,22,952 | 15.44% | +5.0% |
| Three-Wheelers | 3,10,408 | 4.68% | +25.2% |
| Tractors | 2,47,916 | 3.74% | +8.6% |
| Goods Carriers | 2,39,859 | 3.62% | −3.6% |
| Taxis & Cabs | 88,782 | 1.34% | +76.3% |
| Other classes | 61,350 | 0.93% | +11.0% |
| Buses | 25,344 | 0.38% | +52.2% |
What passenger vehicles run on
Vahan splits a segment by fuel only across a whole calendar year, so this table covers full-year 2024 rather than Q4 FY 2023-24 alone — it is exact for that window.
Petrol accounts for 52.7% of passenger vehicle registrations over full-year 2024, with battery-electric at 2.5%.
Passenger Vehicle registrations by fuel — full-year 2024
The full-year 2024 mix.
| Fuel | 2024 units | Share | vs full-year 2023 |
|---|---|---|---|
| Petrol | 22,27,473 | 52.66% | −4.94pp |
| Diesel | 7,71,265 | 18.23% | +0.42pp |
| CNG / LPG | 7,69,566 | 18.19% | +4.06pp |
| Hybrid | 3,56,085 | 8.42% | +0.19pp |
| Electric | 1,05,143 | 2.49% | +0.27pp |
| Other | 364 | 0.01% | 0.00pp |
Every Q4 on record
Across the 3 completed windows in our Vahan record, passenger vehicle registrations went from 11,11,734 in Q4 FY 2023-24 to 14,27,697 in Q4 FY 2025-26, up 28.4% over the stretch.
Passenger Vehicle registrations by quarter
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| Q4 FY 2025-26 | 3 | 14,27,697 | +20.5% |
| Q4 FY 2024-25 | 3 | 11,85,166 | +6.6% |
| Q4 FY 2023-24 | 3 | 11,11,734 | +8.5% |
Each row compares only the months that window holds, so a part period is never set against a full one.
Frequently asked questions
How many passenger vehicles were sold in India in Q4 FY 2023-24?
What counts as a passenger vehicle (PV)?
What period does Q4 FY 2023-24 cover?
Which manufacturer sold the most passenger vehicles in Q4 FY 2023-24?
Which was the strongest month for passenger vehicle sales in Q4 FY 2023-24?
What share of the Indian market were passenger vehicles in Q4 FY 2023-24?
Which quarter had the highest passenger vehicle sales?
Are these retail sales or factory dispatches?
Passenger Vehicle sales, other periods
More from the reports desk
Source. Every figure is a vehicle registration, taken from the Ministry of Road Transport & Highways' Vahan 4 dashboard (vahan.parivahan.gov.in) — the same source FADA and the industry use for retail data. Registrations are not the wholesale dispatch numbers manufacturers announce each month. "EV" means battery electric (Vahan fuels PURE EV and ELECTRIC(BOV)); hybrids are counted separately. Information only, not investment advice.
Using these numbers? Cite "Flash Finance (Vahan data)" with a link to this page. This report's chart card is free to republish with the same credit.
