Passenger vehicles sales volume India FY 2014-2024

Passenger vehicle sales in India saw an increase of 10.3 percent in financial year 2024, recovering from intermittent disruptions caused by supply chain issues specific to semiconductors and electronics. In the same year, there were around four million passenger cars sold across the South Asian country. In 2020 and 2021, the industry was heavily affected by the coronavirus pandemic. 

Major players

Maurti Suzuki, a subsidiary of the Japanese Suzuki Motor Corporation, is India’s biggest car manufacturer. The company had a share of around 41 percent in the automotive sector in 2023. The market for commercial vehicles was led by Tata Motors during the same time period. Hero Motocorp had the maximum share in the two-wheeler segment, which dominated the domestic automotive industry within the country.

Recovering from the slump?

Even though the two-wheeler segment experienced a boom in both electric and conventional vehicle sales, the economic slowdown with the impact of the coronavirus pandemic has affected the production in all industries alike. The slowdown forced manufacturers to lay off almost 15 thousand employees in the past and over 200 thousand jobs were affected as a result of the output cuts. The government announced a delayed registration period for purchased vehicles and reduced interest rates on vehicle loans to cope with the market slump. However, as India's economy recovers, vehicle sales have also come out of the slump.