M&M Surges to Second Spot in India's Passenger Vehicle Market Amidst SUV Boom

• Mahindra & Mahindra (M&M) surpassed Hyundai and Tata Motors in passenger vehicle dispatches till Nov 2025, becoming India's second-largest PV company.
• M&M's success stems from its exclusive focus on utility vehicles and retaining diesel offerings, aligning with market shift.
• Utility vehicles' share in total PV sales more than doubled from FY19 to Nov 2025, now dominating the market.
• M&M's SUV revenue market share grew from 13.6% in FY21 to 26.4% in H1 FY26, driven by new product success.
• Intense competition looms with Tata Motors' new launches (Sierra) and Hyundai's comeback plans, challenging M&M's position.

Why It Matters: M&M's UV focus propels it to second in PV market, but intense competition awaits.