Passenger vehicles sales volume India FY 2014-2023
Passenger vehicle sales in India saw an increase of 23 percent in financial year 2023, with leading manufacturers having to deal with intermittently impacted by supply chain issues specific to semiconductors and electronics. In the same year, there were around 3.6 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.
More damage to follow?
Even though the two-wheeler segment experienced a boom in both electric as well as conventional vehicle sales, the economic slowdown has affected the production in all industries alike. The slowdown forced manufacturers to retire almost 15 thousand employees in recent months and over 200 thousand jobs were affected as a result of the output cuts. The government has announced a delayed registration period for purchased vehicles and reduced interest rates on loans for vehicles to cope with the market slump.
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.
More damage to follow?
Even though the two-wheeler segment experienced a boom in both electric as well as conventional vehicle sales, the economic slowdown has affected the production in all industries alike. The slowdown forced manufacturers to retire almost 15 thousand employees in recent months and over 200 thousand jobs were affected as a result of the output cuts. The government has announced a delayed registration period for purchased vehicles and reduced interest rates on loans for vehicles to cope with the market slump.
