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In another edge-of-the-seat thriller, Hyundai Motor India narrowly beat Tata Motors to regain its position as the second-largest car brand in India by shipments (wholesales) in March 2025. Mahindra & Mahindra, which had trounced both of these players soundly in February, was again relegated to the fourth place.
According to the shipment data released by all three companies on April 1, Hyundai recorded domestic wholesales of approximately 51,820 vehicles in March, narrowly ahead of Tata Motors’ 51,616 units.
Mahindra & Mahindra, which had briefly overtaken Hyundai in February’s wholesale numbers, fell to third place with 48,048 SUV sales in the domestic market.
This latest shift in rankings highlights the intensifying competition in India’s passenger vehicle market. February had marked a notable disruption in the traditional hierarchy when Mahindra briefly claimed the second spot in wholesales and Hyundai slipped to fourth place in retail sales according to FADA (Federation of Automobile Dealers Associations) data.
The March figures represent a sigh of relief Hyundai, which has historically held the second position behind market leader Maruti Suzuki for many years. This recovery comes at a critical time for the Korean automaker, which is working to strengthen its position in India’s increasingly SUV-dominated market.
Tata Motors, which has shown strong performance in recent years driven by its “New Forever” range and growing electric vehicle portfolio, fell just short of maintaining its momentum. However, with only 204 units separating it from Hyundai, the competition remains extremely tight.
Mahindra, despite dropping to third place in March, continues to show impressive year-on-year growth, with its domestic SUV sales increasing by 18% compared to the same month last year. The company’s focused SUV-only strategy continues to pay dividends, particularly with models like the Scorpio-N, XUV700, and Thar driving volumes. Given that the company has a long orderbook and is rapidly putting in more manufacturing capacity, it will be premature to write it off as far as the three-way tussle for the No.2 slot is concerned.
SUV Revolution: The Underlying Factor
The meteoric rise of SUVs in India’s automotive market has fundamentally altered competitive dynamics, particularly benefiting Mahindra & Mahindra, which has capitalized on its specialized focus in this segment.
Data from the last five years reveals that SUV market share has nearly doubled, increasing from 32% in 2020 to approximately 60% in 2025. This transformation has put Mahindra in an enviable position, with its exclusive SUV-focused portfolio allowing it to target this high-growth segment without the distraction of declining sedan and hatchback models.
Unlike its competitors, Mahindra doesn’t have any presence in the hatchback or sedan segments, making it uniquely positioned to capture the SUV boom. The company’s statement in its March press release highlights this advantage: “Some of the other key achievements for the year include being the No1 SUV player and No2 Passenger Vehicle manufacturer by revenue, crossing 50% market share in the LCV<3.5T category and scaling up international operations by 41%YoY.”
Meanwhile, other manufacturers are racing to rebalance their portfolios toward SUVs:
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Hyundai has strengthened its SUV lineup with the Creta Electric and new Alcazar, with SUVs now accounting for 68.5% of its domestic sales in FY 2024-25, according to its press release.
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Tata Motors has been aggressively pushing its SUV models, with its Punch becoming “India’s No. 1 SUV in FY25” for private buyers, according to the company.
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Even market leader Maruti Suzuki has dramatically expanded its utility vehicle offerings, with models like Brezza, Fronx, Grand Vitara, and Invicto helping drive utility vehicle sales to 61,097 units in March 2025 (compared to 58,436 in March 2024) – a segment where it has traditionally been weaker.
The SUV shift has been particularly visible in Maruti’s portfolio transformation. While its total passenger vehicle sales in March 2025 decreased slightly year-on-year to 150,743 units (from 152,718 units), its utility vehicle sales grew by 4.6% in the same period. For the full fiscal year 2024-25, Maruti’s utility vehicle sales surged to 720,186 units, a significant 12.1% increase from the previous year’s 642,296 units.
This shifting consumer preference has forced all manufacturers to accelerate their SUV development programs, with most new launches now focused on this segment.
Export Performance: Hyundai Maintains Strong Lead
While the domestic market battle remains fiercely contested, Hyundai continues to dominate in exports among the three contenders. According to March data:
- Hyundai exported 15,500 units in March 2025, maintaining its position as India’s largest passenger vehicle exporter.
- Tata Motors reported a modest 256 units in international business for its passenger vehicles.
- Mahindra reported 2,787 SUV exports, representing a small improvement over domestic figures.
For the entire 2024-25 fiscal year, Hyundai shipped 163,386 units overseas, significantly outpacing both Tata and Mahindra. This export strength provides Hyundai with production scale advantages and helps buffer against domestic market fluctuations.
Looking Ahead: Strategic Implications
The ongoing three-way battle for the second position underscores several industry trends. First, India’s passenger vehicle market is becoming increasingly competitive, with domestic manufacturers challenging established international brands.
As mentioned above, the SUV dominance continues to reshape competitive dynamics, with Mahindra’s SUV-focused strategy enabling it to challenge larger, more diversified competitors.
Finally, market positions remain fluid, with small volume differences potentially causing significant ranking changes month to month.
As the new fiscal year begins, all three automakers have expressed optimism about market growth. Hyundai is betting on its refreshed SUV lineup, including the new Creta Electric; Tata Motors is leveraging its multi-powertrain strategy across SUVs, CNG, and EVs; while Mahindra is emphasizing its advanced SUV portfolio, including the newly launched Electric Origin SUVs.
With the overall market expected to show modest growth in FY26, the competition for market share is likely to intensify further, potentially leading to more aggressive product launches and marketing strategies from all three players.
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