Every automaker with the exception of Honda, Skoda, Renault, Nissan and Jeep have posted outstanding YoY growth in 2023
The year 2023 proved to be a turning point for the Indian automotive sector. Several new launches, new innovations, a surge in electric vehicle adoption and benefits introduced by the Government of India steered the segment to success. This was despite the fact that automakers in India also faced several concerns with regard to disruptions in supply chains which had an adverse impact on development of certain models while rising raw material costs also caused automakers to resort to higher pricing.
Overall it was a good 2023 with most automakers in the country reporting growth in sales and increased market shares. Total passenger vehicles sold in the last year stood at 40,98,180 units, up 8.4 percent as against 37,80,168 sold in the year 2022. This was a volume growth of 3,18,012 units.
Car Sales 2023 Vs 2022 – Maruti Suzuki in the Lead with 41.6% Market Share
Maruti Suzuki sales in the past calendar year stood at 17,07,668 units, up 8.4 percent when compared to 15,76,026 units sold in the CY 2022 period. This was a volume growth of 1,31,642 units. Maruti Suzuki currently commands a 41.6 percent market share and has seen no change in this over the past year. Market share in fact declined marginally in 2023 compared to 2022.
Holding on to its No. 2 position was Hyundai with 6,02,111 units sold in CY 2023, up 9 percent from 5,52,511 units sold in CY 2022. This was a volume growth of 49,600 units with the company commanding a 14.7 percent market share. This was a marginal increase of 0.1 percent as against 14.6 percent share held in CY 2022.
Tata Motors posted a 4.6 percent YoY growth in CY 2023 with 5,50,871 units sold, up from 5,26,821 units sold in CY 2022. This was a volume growth of 24,050 units with a 13.4 percent market share. Despite sales growth, market share of Tata Motors has declined in 2023. Mahindra, ranked at No. 4, has seen outstanding growth in CY 2023. Sales were up 30 percent YoY to 4,32,876 units in CY 2023 from 3,33,054 units sold in CY 2022. Market share also went up to 10.6 percent from 8.8 percent YoY relating to a change of 1.8 percent.
Kia India however, saw only a marginal sales growth of 0.2 percent YoY in CY 2023 with 2,55,000 units sold up from 2,54,556 units sold in CY 2022. It also saw its market share dip to 6.2 percent from 6.7 percent YoY. Posting a 38 percent rise in sales was Toyota Kirloskar Motors with 2,21,356 units sold in CY 2023, up from 1,60,375 units sold in CY 2022. This took up market share to 5.4 percent from 4.2 percent YoY.
Honda, Skoda, Renault, Nissan, Jeep Sales Dip YoY
Honda has seen its sales fall by 11.3 percent in CY 2023 to 84,286 units, down from 95,022 units sold in CY 2022 relating to a 10,736 unit volume de-growth. It also saw its market share fall to 2.1 percent from 2.5 percent YoY. MG Motor sales went up 18.4 percent in VY 2023 to 56,902 units from 48,063 units sold in CY 2022. It was the MG Hector, in its 5, 6 and 7 seater options that boosted sales taking up market share to 1.4 percent YoY.
Skoda also posted lower sales in CY 2023 down to 48,755 units from 53,721 units sold in CY 2022 relating to a 9.2 percent de-growth while market share dipped to 1.2 percent from 1.4 percent YoY. Renault saw the highest sales fall in CY 2023 to 48,321 units whereas the company had sold 87,118 units in CY 2022. This was a 38,797 unit volume de-growth with a 44.5 percent fall in sales. Market share also dipped to 1.2 percent from 2.3 percent YoY. While VW sales went up 2.4 percent to 43,481 units it saw its market share stay steady at 1.1 percent. Nissan sales however, fell by 12.1 percent to 30,375 units from 34,565 units sold in CY 2022 while Citroen (9,488 units), Jeep (6,690 units) completed this list.
