NEW DELHI: Mahindra & Mahindra has not only clinched the Number 2 slot in sales of passenger vehicles, but the demand for its premium off-roaders has also meant that the company has moved ahead of Korean Hyundai in revenue market share while getting the crown of the largest SUV seller in the country.
Powered by sale of SUVs such as Scorpio-N, Thar, XUV7OO and XUV3XO, Mahindra’s revenue in April-Jan 2024-25 stood at nearly Rs 71,000 crore, much ahead of Hyundai’s Rs 58,653 crore and that of others like Toyota (Rs 51,945 crore) and Tata Motors (Rs 48,976 crore), according to the data accessed from research firm Jato. Only Maruti, the largest PV player, leads the segment with a revenue of over Rs 1.2 lakh crore.
Rajesh Jejurikar, executive director & CEO of Mahindra’s automotive and farm divisions, said the company has a clear focus on maintaining its volume and value leadership in SUVs, while driving in new “adventure-ready” off-roaders. “For us, revenue market share is a more critical metric, and so is having the top position in SUVs. And in this process, if we also become the No. 2 PV player during certain periods, that’s clearly an added bonus for us,” Jejurikar told TOI.
According to JATO, while Maruti leads the PV revenue market with a share of 30%, Mahindra comes in second with 17%, Hyundai third with 14%, Toyota fourth with 12.5%, and Tata Motors fifth with 12% (in ten months of this fiscal).

In Jan this year, Mahindra emerged as the second-largest PV seller (behind only Maruti Suzuki) as it sold 50,420 units against 47,727 sold by Hyundai. Tarun Garg, chief operating officer of Hyundai India, said the company expects demand to come back following income tax relaxation given in the Union Budget. “Despite geopolitical challenges, we remain optimistic that the proposed tax reforms in the Budget and improved liquidity will provide the much-needed demand boost.”
Mahindra has clearly gained from the growing demand for SUVs, especially as the company refreshed its aging fleet at a time when the positive trend started to build up for off-roaders. Rapidly-developing highways, better inter-city connectivity, and changing lifestyle trends have fuelled the demand for SUVs, giving them a share in excess of 50%.