Passenger Vehicle (PV) Sales Q4 FY 2024-25: Maruti Suzuki Leads, 11,85,166 Units, Up 6.6% YoY
Every passenger vehicle (cars, UVs and taxis) registered in India over Q4 FY 2024-25 — January 2025 to March 2025. 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 2024-25
India's passenger vehicle market registered 11,85,166 passenger vehicles in Q4 FY 2024-25. Volumes grew 6.6% against the 11,11,734 logged over the same 3 months of Q4 FY 2023-24.
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 2024-25 that was 10,93,963 cars and UVs and 91,203 taxis and cabs; taxis were 7.7% of the total. Against Q4 FY 2023-24, cars and UVs were +6.9% and taxis +2.7%.
January was the strongest month of the period at 4,96,262 passenger vehicles and February the quietest at 3,21,394, an average of 3,95,055 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 2024-25 ran from January 2025 to March 2025 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 2023-24.
Passenger vehicles accounted for 17.8% of everything registered in India over the period, up from 16.8% in Q4 FY 2023-24. The whole market ran to 66,42,439 vehicles over the same window, broadly flat (+0.2%) year on year.
Passenger Vehicle registrations by month — Q4 FY 2024-25 vs Q4 FY 2023-24
Vahan retail registrations, each month set against the same month a year earlier.
Every completed month of Q4 FY 2024-25, with the matching month of Q4 FY 2023-24 beside it.
| Month | Q4 FY 2024-25 units | Q4 FY 2023-24 units | YoY | Share of period |
|---|---|---|---|---|
| January 2025 | 4,96,262 | 4,21,367 | +17.8% | 41.9% |
| February 2025 | 3,21,394 | 3,49,677 | −8.1% | 27.1% |
| March 2025 | 3,67,510 | 3,40,690 | +7.9% | 31.0% |
Each month links through to its own full report.
Which manufacturer sold the most, Q4 FY 2024-25
Maruti Suzuki led the period with 4,84,064 registrations, up 6.0% on Q4 FY 2023-24. Hyundai follows on 1,50,311, 3,33,753 behind — a gap of 3.22x.
The fastest riser in the top 8 was Toyota Kirloskar, up 27.4% to 81,259, while Honda Cars was down 19.0% at 19,297.
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 2024-25. Companies that file electric models under a maker of their own appear as separate rows.
Top manufacturers by registrations — Q4 FY 2024-25
Registrations inside the segment (passenger vehicles only).
Exact registrations over January 2025 to March 2025, with the change against Q4 FY 2023-24.
| # | Manufacturer | Q4 FY 2024-25 units | Share of passenger vehicles | vs Q4 FY 2023-24 |
|---|---|---|---|---|
| 1 | Maruti Suzuki | 4,84,064 | 40.84% | +6.0% |
| 2 | Hyundai | 1,50,311 | 12.68% | −0.8% |
| 3 | Mahindra | 1,48,378 | 12.52% | +17.4% |
| 4 | Tata Motors (PV) | 1,33,300 | 11.25% | +0.6% |
| 5 | Toyota Kirloskar | 81,259 | 6.86% | +27.4% |
| 6 | Kia India | 68,256 | 5.76% | +6.9% |
| 7 | Skoda | 27,219 | 2.30% | +21.8% |
| 8 | Honda Cars | 19,297 | 1.63% | −19.0% |
| 9 | MG Motor | 18,559 | 1.57% | +40.9% |
| 10 | Tata Motors (EV) | 15,645 | 1.32% | −16.0% |
| 11 | Renault India | 9,146 | 0.77% | −18.0% |
| 12 | Nissan India | 6,145 | 0.52% | −17.1% |
| 13 | Mercedes-Benz | 4,735 | 0.40% | +7.2% |
| 14 | BMW India | 4,610 | 0.39% | +18.4% |
| 15 | Tata Motors | 2,324 | 0.20% | +9.0% |
Passenger Vehicle sales against the rest of the market
Set against the rest of the market, passenger vehicles outgrew the national picture over Q4 FY 2024-25: +6.6% against +0.2% 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 2025 to March 2025.
| Segment | Q4 FY 2024-25 units | Share | vs Q4 FY 2023-24 |
|---|---|---|---|
| Two-Wheelers | 45,73,246 | 68.85% | −1.2% |
| Cars & UVs | 10,93,963 | 16.47% | +6.9% |
| Three-Wheelers | 3,09,752 | 4.66% | −0.2% |
| Goods Carriers | 2,40,546 | 3.62% | +0.3% |
| Tractors | 2,35,878 | 3.55% | −4.9% |
| Taxis & Cabs | 91,203 | 1.37% | +2.7% |
| Other classes | 69,087 | 1.04% | +12.6% |
| Buses | 28,764 | 0.43% | +13.5% |
What passenger vehicles run on
Vahan splits a segment by fuel only across a whole calendar year, so this table covers full-year 2025 rather than Q4 FY 2024-25 alone — it is exact for that window.
Petrol accounts for 48.4% of passenger vehicle registrations over full-year 2025, with battery-electric at 4.2%.
Passenger Vehicle registrations by fuel — full-year 2025
The full-year 2025 mix.
| Fuel | 2025 units | Share | vs full-year 2024 |
|---|---|---|---|
| Petrol | 22,41,848 | 48.43% | −4.23pp |
| CNG / LPG | 9,89,224 | 21.37% | +3.18pp |
| Diesel | 8,34,247 | 18.02% | −0.21pp |
| Hybrid | 3,67,463 | 7.94% | −0.48pp |
| Electric | 1,95,852 | 4.23% | +1.74pp |
| Other | 683 | 0.01% | +0.01pp |
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 2024-25?
What counts as a passenger vehicle (PV)?
What period does Q4 FY 2024-25 cover?
Which manufacturer sold the most passenger vehicles in Q4 FY 2024-25?
Which was the strongest month for passenger vehicle sales in Q4 FY 2024-25?
What share of the Indian market were passenger vehicles in Q4 FY 2024-25?
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.
