In financial year 2023, Maruti Suzuki sold approximately 1.5 million cars across India. This made it the leading car manufacturer in terms of car sales in India, followed distantly by Hyundai and Tata. The automobile sector across India saw recovering from the impact of the coronavirus (COVID-19) pandemic in the same year.
Is the Indian automobile market in trouble?
There were more than 295 million vehicles registered in India in the financial year 2019. Vehicle registrations grew at a compound annual growth rate of over 10 percent between 2017 and 2019. However, due to economic slowdown, the introduction of new Bharat Stage Emission Standards VI (BS-VI) in 2019, and the impact of the coronavirus pandemic, the domestic sales of vehicles have been in decline since the financial year 2020 for two consecutive years. This continued until the financial year 2023.
New trend – electric vehicles
With strong government support through policy initiatives such as the National Electric Mobility Mission Plan 2020 introduced in 2013, Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) in 2015, and further FAME phase II in 2019, India was aiming to achieve 30 percent private electric vehicle ownership. As two-wheelers were the most popular type of automobiles for the last decade, in the financial year 2023, the majority of electric vehicles sold in India were also two-wheelers. The demand for electric vehicles was expected to rise significantly in the future.
Volume of cars sold across India in financial year 2023, by original equipment manufacturer
Characteristic
Number of vehicles sold
Maruti Suzuki India
1,479,221
Hyundai Motor India
525,088
Tata Motors
484,843
Mahindra & Mahindra
323,691
Kia India
232,570
Toyota Kirloskar Motor
157,893
Skoda Auto VW Group
88,001
Honda Cars India
82,949
Renault India
75,390
MG Motor India
41,094
Nissan Motor India
30,246
Mercedes-Benz Group
14,262
Fiat India Automobiles
11,684
BMW India
10,789
PCA Automobiles India
5,975
Jaguar Land Rover Inda
2,037
Volvo Auto India
1,709
BYD India
1,066
Isuzu Motors India
853
Porsche AG
700
Automobili Lamborghini
70
Bentley Motors
36
Rolls-Royce
16
Others
44,304
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Sources
Federation of Automobile Dealers Associations; Autocar Professional
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Autocar Professional. (April 4, 2023). Volume of cars sold across India in financial year 2023, by original equipment manufacturer [Graph]. In Statista. Retrieved September 21, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1090709/india-car-sales-volume-by-oem/
Autocar Professional. "Volume of cars sold across India in financial year 2023, by original equipment manufacturer." Chart. April 4, 2023. Statista. Accessed September 21, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1090709/india-car-sales-volume-by-oem/
Autocar Professional. (2023). Volume of cars sold across India in financial year 2023, by original equipment manufacturer. Statista. Statista Inc.. Accessed: September 21, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1090709/india-car-sales-volume-by-oem/
Autocar Professional. "Volume of Cars Sold across India in Financial Year 2023, by Original Equipment Manufacturer." Statista, Statista Inc., 4 Apr 2023, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1090709/india-car-sales-volume-by-oem/
Autocar Professional, Volume of cars sold across India in financial year 2023, by original equipment manufacturer Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1090709/india-car-sales-volume-by-oem/ (last visited September 21, 2024)
Volume of cars sold across India in financial year 2023, by original equipment manufacturer [Graph], Autocar Professional, April 4, 2023. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1090709/india-car-sales-volume-by-oem/