Domestic Passenger Vehicle Sales Surge 26.71 Percent in FY23, Driven by Post-Pandemic Demand

Domestic Passenger Vehicle Sales Skyrocket 26.71% in FY23 as Post-Pandemic Demand surged.

India's domestic passenger vehicle (PV) sales saw a remarkable increase of 26.71% in FY23, reaching $3.889 million, up from $3.069 million in FY22. This surge in sales is primarily attributed to rising demand in the post-pandemic period.

Mr. Shashank Srivastava, Senior Executive Director (Sales and Marketing) at Maruti Suzuki India, reported that Indian automakers sold $3.889 million in vehicles in FY23, surpassing the pre-pandemic peak of $3.379 million in FY19. He also stated that the Indian car sector expects to sell between $4.01-4.05 million of PVs in FY24, translating to a projected growth rate of 5% to 7% in FY24.

Maruti Suzuki, India's leading automaker, sold $1.606 million of PVs in FY23, marking a 20.68% year-on-year increase. Among all automotive segments in FY23, the Sport Utility Vehicle (SUV) segment experienced the most significant growth, at 35.9%. In contrast, the hatchback class saw a 20% increase in volume in FY23. Additionally, the percentage of SUV Sales in India jumped from 23.2% in FY19 to 43% in FY23.

Hyundai, the country's second-largest Automobile Manufacturer, sold 567,546 units in FY23, reflecting a 17.87% YoY increase.

Tata Motors, India's third-largest automaker, witnessed a 45.43% increase in PV sales in FY23. Mr. Shailesh Chandra, Managing Director at Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility noted that while SUVs and EVs (electric vehicles) led the market in terms of growth, consumers' increasing preference for secure vehicles and Cutting-Edge Technology Features was also evident. Tata Motors drives more than 80% of the Indian Market for Electric Cars.

India's automotive industry is demonstrating strong resilience and recovery, with post-pandemic demand driving substantial growth in domestic passenger vehicle sales. The booming SUV segment and the rise of Electric Vehicles are key factors contributing to this impressive performance. As the sector continues to adapt to changing consumer preferences and embrace sustainable technologies, India's automotive industry is well-positioned for ongoing Growth and Success in the years to come.