Domestic passenger vehicle sales jump by 26.71% in FY23 to US$ 3.889 million
- IBEF
- April 3, 2023
Domestic passenger vehicle (PV) sales increased by 26.71% from US$ 3.069 million in 2021-22 to US$ 3.889 million in 2022-23, because of rising demand post-pandemic.
Senior Executive Director (Sales and Marketing) at Maruti Suzuki India, Mr. Shashank Srivastava stated that in FY23, the Indian automakers sold US$ 3.889 million in automobiles, exceeding the pre-pandemic peak of US$ 3.379 million in FY19. He further added that the Indian car sector expects to sell US$ 4.01-4.05 million PVs in FY24, which translates to a projected growth rate of 5% to 7% in FY24.
Maruti Suzuki, India's largest automaker, sold US$ 1.606 million PVs in FY23, representing a 20.68% year-on-year increase. Of all automotive segments in FY23, the sport utility vehicle (SUV) segment experienced the biggest growth, of 35.9%. In comparison, the hatchback class experienced a 20% increase in volume in FY23. Moreover, the percentage of SUV sales in India jumped from 23.2% in FY19 to 43% in FY23.
Hyundai, the second-largest automobile manufacturer in India, sold 567,546 units in FY23, a 17.87% YoY increase.
The third-largest automaker in India, Tata Motors, experienced a 45.43% increase in PV sales in FY23. The Managing Director at Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, Mr. Shailesh Chandra stated, while SUVs and EVs (electric vehicles) were the market leaders in this growth, buyers' growing preference for secure automobiles and cutting-edge technology features was equally noticeable. More than 80% of the Indian market for electric cars is driven by Tata Motors.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
