Vehicle Sales Q4 FY 2023-24: Hero MotoCorp Leads, 66,26,145 Units, Up 11.1% YoY
Every vehicle 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, what India actually registered segment by segment, and the same window in every earlier year on record.
Vehicle sales month by month, Q4 FY 2023-24
The Indian vehicle market registered 66,26,145 vehicles in Q4 FY 2023-24. Volumes rose 11.1% against the 59,65,528 logged over the same 3 months of Q4 FY 2022-23.
January was the strongest month of the period at 22,47,856 vehicles and February the quietest at 21,42,870, an average of 22,08,715 a month. Every one 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.
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 | 22,47,856 | 19,39,334 | +15.9% | 33.9% |
| February 2024 | 21,42,870 | 18,77,203 | +14.2% | 32.3% |
| March 2024 | 22,35,419 | 21,48,991 | +4.0% | 33.7% |
Each month links through to its own full report.
Which manufacturer sold the most, Q4 FY 2023-24
Hero MotoCorp led the period with 13,05,662 registrations, up 4.3% on Q4 FY 2022-23. Honda 2W (HMSI) follows on 11,34,236, 1,71,426 behind — a gap of 1.15x.
The fastest riser in the top 15 was Ola Electric, up 111.7% to 1,27,154, while Tata Motors was down 4.9% at 1,02,543.
Top manufacturers by registrations — Q4 FY 2023-24
Total registrations across every vehicle type each manufacturer sells.
Exact registrations over January 2024 to March 2024, with the change against Q4 FY 2022-23.
| # | Manufacturer | Q4 FY 2023-24 units | Share | vs Q4 FY 2022-23 |
|---|---|---|---|---|
| 1 | Hero MotoCorp | 13,05,662 | 19.70% | +4.3% |
| 2 | Honda 2W (HMSI) | 11,34,236 | 17.12% | +12.5% |
| 3 | TVS Motor | 7,95,634 | 12.01% | +15.9% |
| 4 | Bajaj Auto | 6,74,690 | 10.18% | +21.2% |
| 5 | Maruti Suzuki | 4,68,285 | 7.07% | +5.7% |
| 6 | Suzuki 2W | 2,36,194 | 3.56% | +22.8% |
| 7 | Royal Enfield | 2,08,356 | 3.14% | −1.0% |
| 8 | Mahindra | 1,95,699 | 2.95% | +8.0% |
| 9 | Yamaha India | 1,69,053 | 2.55% | +18.8% |
| 10 | Hyundai | 1,51,668 | 2.29% | +8.4% |
| 11 | Tata Motors (PV) | 1,32,809 | 2.00% | −3.3% |
| 12 | Ola Electric | 1,27,154 | 1.92% | +111.7% |
| 13 | Tata Motors | 1,02,543 | 1.55% | −4.9% |
| 14 | Toyota Kirloskar | 65,621 | 0.99% | +52.7% |
| 15 | Kia India | 63,905 | 0.96% | +0.2% |
What India registered in Q4 FY 2023-24
Two-wheelers dominate every Indian registration total, and Q4 FY 2023-24 is no exception: two-wheelers alone accounted for 69.9% of the 66,26,145 vehicles registered across the period.
Taxis & Cabs grew fastest at +76.3%, and goods carriers slowest at −3.6%.
Market composition — Q4 FY 2023-24
Share of every vehicle registered in the period.
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% |
Fuel mix, Q4 FY 2023-24
Battery-electric vehicles were 7.9% of every registration in Q4 FY 2023-24, against 6.1% in Q4 FY 2022-23. That is 5,22,658 electric vehicles across all segments.
Fuel labels come straight from Vahan and the split below covers the whole market over January 2024 to March 2024 — petrol includes the E20 ethanol blend, which is now the single largest label in the database.
Registrations by fuel — Q4 FY 2023-24
Every vehicle registered in the period, by fuel.
Exact fuel volumes over January 2024 to March 2024.
| Fuel | Q4 FY 2023-24 units | Share | vs Q4 FY 2022-23 | Share move |
|---|---|---|---|---|
| Petrol | 49,40,949 | 74.57% | +8.5% | −1.74pp |
| Diesel | 7,37,885 | 11.14% | +5.3% | −0.61pp |
| Electric | 5,22,658 | 7.89% | +44.2% | +1.81pp |
| CNG / LPG | 3,11,283 | 4.70% | +36.3% | +0.87pp |
| Hybrid | 91,661 | 1.38% | −8.1% | −0.29pp |
| Other | 21,709 | 0.33% | −0.8% | −0.04pp |
Every Q4 on record
Across the 3 completed windows in our Vahan record, vehicle registrations went from 66,26,145 in Q4 FY 2023-24 to 81,93,699 in Q4 FY 2025-26, up 23.7% over the stretch.
Vehicle registrations by quarter
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| Q4 FY 2025-26 | 3 | 81,93,699 | +23.4% |
| Q4 FY 2024-25 | 3 | 66,42,439 | +0.2% |
| Q4 FY 2023-24 | 3 | 66,26,145 | +11.1% |
Each row compares only the months that window holds, so a part period is never set against a full one.
Where the demand was, Q4 FY 2023-24
Uttar Pradesh registered the most vehicles of any state in Q4 FY 2023-24 — 8,72,858, 13.2% of the national total.
The top five states together account for 45.9% of every vehicle registered in the period.
Top states by registrations — Q4 FY 2023-24
All vehicle types, exact for the period.
| # | State | Units | Share | vs Q4 FY 2022-23 |
|---|---|---|---|---|
| 1 | Uttar Pradesh | 8,72,858 | 13.2% | +9.0% |
| 2 | Maharashtra | 6,90,095 | 10.4% | +8.0% |
| 3 | Tamil Nadu | 5,45,461 | 8.2% | +13.0% |
| 4 | Karnataka | 4,97,376 | 7.5% | +18.1% |
| 5 | Gujarat | 4,34,564 | 6.6% | +13.9% |
| 6 | Madhya Pradesh | 3,93,048 | 5.9% | +7.9% |
| 7 | Rajasthan | 3,76,679 | 5.7% | +14.7% |
| 8 | Bihar | 3,23,127 | 4.9% | +10.7% |
| 9 | Telangana | 2,67,077 | 4.0% | +12.9% |
| 10 | West Bengal | 2,62,866 | 4.0% | +12.0% |
| 11 | Haryana | 2,39,336 | 3.6% | +21.3% |
| 12 | Andhra Pradesh | 2,28,886 | 3.5% | +7.2% |
| 13 | Odisha | 2,25,479 | 3.4% | +21.3% |
| 14 | Kerala | 1,91,284 | 2.9% | −7.3% |
| 15 | Assam | 1,76,993 | 2.7% | +4.5% |
Frequently asked questions
How many vehicles were sold in India in Q4 FY 2023-24?
What period does Q4 FY 2023-24 cover?
Which manufacturer sold the most vehicles in Q4 FY 2023-24?
Which was the strongest month for vehicle sales in Q4 FY 2023-24?
Which quarter had the highest vehicle sales?
Are these retail sales or factory dispatches?
Vehicle sales, other periods
More from the reports desk
Source. Every figure is a vehicle registration, taken daily 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.
