India’s passenger vehicle (PV) market is witnessing a significant shift, as long-standing players like Maruti Suzuki and Hyundai experience a decline in their market share, while new entrants gain traction.

A recent report by Jefferies reveals that the combined market share of Maruti Suzuki and Hyundai has fallen to a 12-year low in the first half of fiscal year 2025 (1HFY25). This marks a notable change in the competitive landscape, as consumer preferences evolve and new competitors make headway.