Maruti Suzuki sales volume India FY 2007-2024, by segment

In 2023, India was the fourth-largest vehicle market worldwide. With economic development reaching new milestones and a burgeoning middle class, the passenger car market in the nation was expected to see some large growth trends. The passenger car market in the south Asian country is very competitive, from both domestic and international manufacturers. Maruti Suzuki has emerged as the leading manufacturer in the country. The company sold over 1.85 million vehicles domestically during fiscal year 2024. It was a visible increase in comparison with the previous year due to the impact of the coronavirus. In the passenger car market, three out of five bestselling units were owned by Maruti.

Market outlook

Passenger vehicles in the nation were the second most important vehicle segment in terms of sales, trailing the two-wheeler segment. The industry has been growing rapidly in order to cope up with the national and international demands for vehicles. Employment in the sector was close to 15 million. 

Drive to the future

Despite the tremendous growth possibilities of the automobile market, increased pressure on issues such as pollution from the vehicles and dependency on oil imports are likely to play a role in the future of the industry. The government is promoting the use of alternative fuels and the adoption of hybrid and electric vehicles. To streamline this switch, the goods and service tax on electric vehicles has been lowered to 12 percent as opposed to the 30-50 percent range for conventional fuel vehicles.