Passenger car market share India 2023, by vendor

Maruti Suzuki had the leading share in the passenger car market across India in the year 2022 with more than 46 percent. The top four players held approximately 80 percent of the market share. This was predominantly due to brand loyalty and new launches.

Kia Motors India

Beating these odds was Kia Motors which entered the Indian market in the second half of 2019. With special utility vehicles (SUV), the company saw considerable increase in sales. Within a short span, the company outperformed its well-established foreign competitors, including German based Volkswagen, Toyota, and Honda.

Slowdown of the passenger vehicle segment

Despite the company’s success, the industry overall witnessed a double-digit drop in the sales volume of passenger cars between 2020 and 2022. This was presumably due new emission standards, a general slowdown in the economy, and the coronavirus (COVID-19) outbreak. Since 2023, the sales volume started to slowly climbing back to pre-pandemic level.