India's Maruti WagonR sales outperformed Pakistan's auto market this February
What's the story
In February 2024, India's automotive market witnessed a significant surge in sales, outperforming its Pakistani counterpart.
While Pakistan's car industry experienced a 57% increase in sales compared to the same month in 2023, selling a total of 9,709 units, India sold over 3.7 lakh cars during the same period.
Notably, Maruti Suzuki WagonR alone accounted for 19,412 units sold in India - more than double the total number of cars sold across Pakistan.
Problems
Pakistan's auto industry struggles amid rising car prices
The Pakistani automotive industry has been grappling with a significant downturn, with car sales declining by 41% in the first eight months of FY 2024.
A total of 59,699 units were sold during this period, according to a report by the Business Recorder.
The slump is attributed to factors such as escalating car prices, costly financing options, and an overall decrease in citizens' purchasing power.
Demand
Affordable car models witness increased demand in neighboring country
Despite the overall downturn, Pakistan's auto industry saw a silver lining in February 2024 with an increased demand for affordable car models.
Pak Suzuki's Alto emerged as the most popular passenger vehicle in the country, contributing to a sales increase of 520% compared to February 2023.
This surge in sales of affordable models indicates a potential strategy for automakers to navigate through the challenging market conditions.
Growth
Indian auto market booms with Maruti Suzuki leading the way
India's auto market has been thriving, securing its position as the third-largest vehicle market globally, trailing only China and the United States.
Maruti Suzuki WagonR emerged as a top performer in February 2024, selling 19,412 units.
Following closely were Tata Punch and Maruti Suzuki Baleno with sales of 18,438 units and 17,517 units respectively.
Other top models include the Maruti Suzuki Dzire and Brezza, and Hyundai CRETA.
These figures underscore India's robust auto market performance compared to Pakistan's struggling industry.