Hyundai Slips to Fourth as Domestic Automakers Reshape PV Rankings in FY26

India’s passenger vehicle market saw a major shift in FY26 rankings, with

dropping to fourth position, while retained its leadership. Homegrown players and moved ahead to claim the second and third spots, respectively, driven by strong SUV demand and portfolio expansion. Hyundai’s volumes declined by about 2–3% YoY, while Mahindra and Tata posted double-digit growth, signalling a clear shift in consumer preference toward domestic brands and utility vehicles. What This Means * Domestic automakers are gaining market share with strong SUV portfolios. * Hyundai’s drop reflects intensifying competition and changing demand trends. * Maruti continues to dominate with scale, pricing and distribution strength. Key Things to Watch Going Forward 1. Hyundai’s product strategy, especially in SUVs and EVs. 2. Sustainability of Mahindra and Tata’s growth momentum. 3. Market share shifts across segments. 4. Impact of exports and global disruptions on volumes. Opinion Hyundai’s fall to fourth position marks a structural shift in India’s auto market, where domestic players are increasingly capturing demand through strong SUV offerings and sharper localisation strategies. While Hyundai remains a strong player with a solid brand and product lineup, rising competition from Mahindra and Tata highlights the need for faster product refresh cycles and segment alignment. The broader trend signals a maturing market where consumer preference is evolving rapidly, and adaptability will be key to maintaining relevance and growth. Source: Autocar India No Recommendations