Passenger Vehicle Registrations Fall 10% in April, EV Share Rises Led by Tata Motors

Passenger vehicle (PV) registrations declined sharply by 10.2% month-on-month in April to 3,98,146 units, reflecting a slowdown after the strong year-end push in March, according to Vahan data estimates.

The drop follows elevated registrations of 4,43,201 units in March, typically driven by year-end buying and dealer dispatches. The April decline was broad-based, with all major automakers reporting lower retail volumes compared to the previous month.

Despite the slowdown, Maruti Suzuki India retained its leadership position with 1,58,223 units, accounting for nearly 40% of the market. Tata Motors followed with 57,472 units, while Mahindra & Mahindra reported 54,897 units. Hyundai Motor India remained fourth with 47,345 units.

Together, these four automakers accounted for nearly 80% of total PV retail volumes, indicating continued concentration at the top despite the monthly dip.

Broad-based Decline Across Automakers

The fall in PV registrations was visible across the board. Tata Motors and Mahindra & Mahindra saw steeper sequential declines of over 14%, while Maruti Suzuki's volumes fell by around 10%. Hyundai's decline was relatively moderate at just over 5%.

The slowdown suggests a normalisation of demand after the March surge, rather than a structural weakness, although changing consumer preferences continue to reshape the market.

EV Segment Gains Share Amid PV Decline

While overall PV volumes contracted, electric vehicle (EV) sales showed relative resilience. EV registrations declined only 1.8% month-on-month to 22,677 units, compared to 23,097 units in March.

As a result, EV penetration in the passenger vehicle segment rose to a record 5.7%, up from around 5.2% in the previous month.

Tata Motors led the EV segment with 8,507 units, capturing about 37.5% market share. Mahindra & Mahindra followed with 5,394 units, while MG Motor accounted for 4,978 units. The top three players together contributed over 83% of EV retail volumes.

Emerging players are also beginning to scale. VinFast recorded a sharp 67% month-on-month rise to 1,231 units, while Maruti Suzuki reported 1,222 EV units, signalling gradual expansion in electric offerings.

The April data highlights a post-year-end correction in passenger vehicle demand, alongside a gradual shift towards electrification.

Volatility in crude oil prices and geopolitical tensions continue to support the case for EV adoption, even as traditional internal combustion engine vehicles remain dominant.

While the near-term outlook reflects demand normalisation, the steady rise in EV penetration indicates an evolving market structure, with new entrants and expanding portfolios expected to drive growth in the coming months.