Market Trend and Outlook

After rapid economic growth of 7.2% in the 2022-23 fiscal year, economic momentum has remained strong in the first half of 2023. The S&P Global India Services PMI Business Activity Index for July signalled continued rapid expansion in output and new orders, while July’s Manufacturing PMI survey also showed strong expansionary conditions.

India has also become an increasingly attractive location for multinationals across a wide range of industries, with foreign direct investment inflows (FDI) having reached a new record high of USD 85 billion in the 2021-22 fiscal year. FDI investment inflows into the manufacturing sector rose by 76% year-on-year (y/y) in 2021-22, reaching a level of over USD 21 billion.

In such positive economic environment, no surprise if the Indian auto market in October 2023 posted the 20th growth in a row, reporting 390,672 new sales (+13.1%). YTD figures at 3.56 million are up 8.9% from the previous year.

Looking at cumulative data up to October 2023, brand-wise Maruti leads the rankings with 1.50 million sales (+9.6%), Hyundai with 504,540 (+8.3%), Tata with 461,330 (+4.7%), Mahindra with 357,219 (+30.2%) and Kia with 219,702 (+2.0%).

Toyota with 181,083 sales (+31.5%) ranks in 6th place, followed by Honda at 67,556 sales (-16.5%), MG -up 2 spots- with 48,348 sales (+20.6%), followed by Renault with 43,881 new registrations (-41.2%) and Skoda in 10th with 40,302 units sold (-9.5%).

Looking at specific models the Maruti Swift becomes the new best seller growing 18.2% in sales, followed by the Maruti Wagon R down 8.5%.

Medium-Term Market Trend

The Indian autos market alternated positive years with negative ones, from 2010 to 2013, reaching a minimum in 2011 at 2.5 million and a peak in 2012 at 2.8 million sales. 5 years of consecutive growth followed, with a maximum reached in 2018 at 3.4 million registrations.

In 2019 started a negative trend that would continue through the covid pandemic moving sales from nearly 3 million to 2.5 million at the end of 2020.

The fall in sales in the Indian market was not due to a structural problem in the economy, in fact sales started to recover extremely quickly after the pandemic. In 2021 they rose above the 3 million mark (+26.6%) and in 2022 they grew another 23.1% to 3.82 million, setting a new all-time high.

This confirms a common trend in asian countries that, unlike European ones, are recovering well from the pandemic and are responding outstandingly to the change in market sentiment cause by a shift to Evs and a disruption in the supply chains caused by lack of raw materials for microchip production.

Tables with sales figures

In the tables below we report sales for top 10 Brands, top 10 Manufacturer Groups and top 10 Models.

Excel Dataset

We purchase new vehicles registrations for 159 countries worldwide – included this one – from the local official authorities and receive a monthly file with raw data by country.

You can have access to this service:

• Data by Year/Month/Brand/Model/Segment
• Historical data (from 2010 to last month) and/or to monthly sales update.
• Next Year’s Forecast
• Data is released in excel via mail or cloud.

Last 2 years dataset cost €3.000. 

The service cost is correlated with the data perimeter and you will have a customized quotation just contacting us at info@focus2move.com

Market Report

The report provides a comprehensive and complete overview of the market competitive environment including information on the sales volumes of cars and light commercial vehicles, market size, market share, and industry trends.

Through our comprehensive global sales database and the expertise of seasoned consultants in this field, we can help you gain further insight into the automotive market trends and base your business decisions on actionable data.

Table of contents

• Country Overview
  • Geography
  • History
  • People & Politics
• Economic Outlook
  • Economy
  • Infrastructure
• Market Outlook
  • Market Heritage
  • Car Passenger’s segmentation
  • LCVs segmentation
  • Car Passengers Body Type mix
  • LCVs Body Type mix
  • Premium segment share
  • Chinese OEMs share
• Key Players
  • Top selling Groups 2022
  • Top selling Brands 2022
  • Premium Brands
  • Chinese Brands
• Market Data By Model
  • Top selling Models 2022
  • Top models by segment and body type
• Key Factors for market Evolution
  • Country development
  • Economic Outlook
  • Customer base evolution
  • Low-Carbon Transition Policy
  • Infrastructure & Investments
• 2023-2028 Volume Forecast
  • TIV evolution by segment
  • Cars and LCVs forecast
  • Segments forecast
  • Premium segment share forecast
  • Chinese OEMs share forecast
  • Forecast by Manufacturer

Price for market research: €2,500

Price for market research + Last 2 Years dataset in excel: €4,000

For further inquiries contact us at info@focus2move.com

Market Trend and Outlook

The Indian auto market totals 3.81 million new car registrations, a 23.1% increase from the prior year and a new all-time high. December hits the 10th consecutive growth of the year, with 280,630 sales (+9.0%)

Looking at cumulative data from 2022, brand-wise the top 6 remain unchanged compared to 2021: in order we have Maruti with 1.58 million sales (+15.5%), Hyundai with 552,511 (+9.4%), Tata with 526,821 (+59.1%), Mahindra with 332,949 (+65.3%), Kia with 254,556 (+40.2%) and Toyota with 159,801 sales (+22.2%).

Honda with 95,022 sales (+6.6%) rises into 7th place overtaking Renault at 87,118 sales (-9.1%). In 9th place ranks Skoda with 53,763 sales (+125.4%) registering the best performance in the Top 10, followed by MG at 48,063 sales (+19.2%) in 10th position.

Tables with sales figures

In the tables below we report sales for top 10 Brands, top 10 Manufacturer Groups and top 10 Models.

Market Trend

The Indian car market this year recovers effectively from the pandemic crash of 2020 and reported a very promising performance in the first half, falling in double-digits only in Q4.

It is currently the 5th largest in the World but it is very close to outpacing Japan to gain the fourth position.

Following five years of continuous vigorous growth, in 2018 the Indian car passenger market hit the last all-time record with 3.38 million sales, despite the introduction of the new National Automotive Plan, in mid-year, blocked the growth. In 2019 the market pushed the brakes, falling down 7.4% and registering 3.11 million units.

Due to the COVID-19 pandemic sales have fallen in  2020. In fact, sales have been 2.47 million, reporting a decline of 16.5% compared to 2019.

In 2021 the year started positively for the Indian market, in fact, in Q1 932,479 units have been sold, reporting a 44.5% increase in sales compared to Q1 2020, and in Q2 sales started growing quickly, reporting a 320.3% increase in sales with 645,132 units due to the incredibly low volumes in Q2 2020.

In Q3 sales slowed down significantly, gaining 2.1% sales with 739,521 units, while in Q4 sales dropped 14.8% with 759,599 units.

Indeed, Full-Year sales for 2021 have been 3.08 million, reporting a 26.7% increase compared to 2020. 

Brand-wise, the leader Maruti (+12.6%) lost 5% market share, followed by Hyundai (+17.9%), which lost 1% share this year. Tata on the other hand gained 3.9% share, rising 98.9%.  Mahindra jumped 1 position and gained 43.9%, overtaking Kia which gained 29.2%.

Toyota gained 58.6%, followed by Renault (+18.3%) and Honda which gained 26.3% sales. Closing the leaderboard we have MG -up 1 spot- gaining 45.6% this year and Nissan entering the leaderboard by jumping 9 spots, gaining 1553.4%.

The most sold vehicle this year has been the Maruti Wagon R (+24%) with 183,851 units sold and jumped 3 spots, overtaking the Maruti Swift, which gained 8.9% registering 175,052 new sales this year. The Maruti Baleno (+11.9%) closes the podium and reports 172,237 new units sold.

Tables with sales figures

In the tables below we report sales for top 10 Brands, top 10 Manufacturer Groups and top 10 Models.

Market Trend

The Indian car market was hit extremely harshly in the first half of 2020 as the global pandemic has impacted sales tremendously, volume even went to 0 in April as strict lockdowns closed businesses, but most impressively the market recovered in the second half. Despite the recovery, this has been the lowest volume since 2011.

It is currently the 5th largest in the World but it is very close to outpacing Japan to gain the fourth position.

Following five years of continuous vigorous growth, in 2018 the Indian car passenger market hit the last all-time record with 3.38 million sales, despite the introduction of the new National Automotive Plan, in mid-year, blocked the growth. In 2019 the market pushed the brakes, falling down 7.4% and registering 3.11 million units.

After starting the year with a slight negative trend (-3.6%), the market quickly collapsed in March as the virus struck. The sharpest drop in sales this year was in April when sales were 0 as the entire country was put in a complete strict lockdown starting from the 23rd of March so all factories suspended production and dealerships closed.

After the country started to reopen slowly in May, the market began to recover very impressively, in fact, in June the market reported only 1.4% loss. This was the last negative month of the year, almost maintaining double-digit growth throughout the entire second half of the year.

Indeed, Full-Year sales for 2020 for the car market have been 2.47 million, reporting a decline of 16.5% compared to 2019.

Brand-wise, the leader Maruti (-18.4%) gained 1.4% market share, followed by Hyundai (-16%), which gained 1% share this year. Tata on the other hand lost 0.2% share, falling 23.4%.  Kia jumped 5 positions and reported the best performance in the leaderboard (+208.3%), followed by Mahindra which on the other hand reported the worst performance, losing 50.7% and falling 2 spots.

Toyota lost 31.8%, followed by Renault (-8.3%) and Honda which fell 3 spots and lost 47.6% sales. Closing the leaderboard we have Ford -down 1 spot- losing 37.8% this year and MG entering the leaderboard by jumping 3 spots, gaining 73.9%.

The most sold vehicle this year has been the Maruti Swift (-16.2%) with 160.765 units sold and jumped 2 spots, overtaking the Maruti Alto, which lost 26% registering 154.076 new sales this year. The Maruti Baleno (-16.2%) closes the podium by jumping 1 spot and reports 153.986 new units sold.

Tables with sales figures

In the tables below we report sales for top 10 Brands, top 10 Manufacturers Group and top 10 Models.

Research Contents

Focus2move Automotive Market Reports provide a comprehensive and extensive overview about this market including information on the cars and light commercial market size, market share and industry trends, with a deep segment analysis and full data for brands and models in the last two years, plus forecast by T.I.V:, segments and brand up to 2025.

We can help you gain further insight into the automotive market trends and gain valuable automotive consumer data.

Make sure you stay one step ahead of your competitors!

Focus2move market analysis can help you make informed business decisions by providing up-to-the-minute automotive industry intelligence.

Contents are:

Historical Data 2010-2019

1. Global Vehicles Market Data
   1. Global light vehicles sales
   2. Global light vehicles market trend
   3. Global Industry by type
   4. Light Vehicles industry mix
   5. Global car passenger’s sales
   6. Global car passenger’s sales trend
   7. Global LCVs sales
   8. Global LCVs sales trend
   9. Global Premium segment sales
   10. Global Premium segment share on market
2. Introduction to the country
   1. Geographical position
   2. The country essence
   3. Historical heritage
   4. Key economic findings
3. Market vehicles industry data & trends
   1. Light Vehicles sales 2010-2019
   2. Light Vehicles trend 2011-2019
   3. Total Industry by Type 2010-2019
   4. Light Vehicles Industry mix 2010-2019
   5. Car passenger’s sales 2010-2019
   6. Car passenger’s sales trend 2011-2019
   7. LCVs sales 2010-2019
   8. LCVs sales trend 2011-2019
   9. Vehicles Fleet 2010-2016
   10. Vehicles Fleet trend 2011-2016
   11. Car Passenger’s Fleet 2010-2016
   12. Car Passenger’s Fleet trend 2011-2016
   13. Commercial Vehicles Fleet 2010-2016
   14. Commercial Vehicles Fleet trend 2011-2016
   15. Total Vehicles production 2011-2017
   16. Total vehicles production variation 2012-2017
   17. Car Passenger’s production 2013-2017
   18. Car Passenger’s production variation 2012-2017
   19. Commercial Vehicles production 2012-2017
   20. Commercial Vehicles production variation 2013-2017
4. Performance by brand 2018-2019
   1. All Vehicles sales & share table 2018-2019
   2. Car Passenger’s Segment sales & share table 2018-2019
   3. Commercial vehicles sales & share table 2018-2019
   4. Cars Passenger’s Top 10 Brands trend 2010-2019
   5. LCVs Top 10 Brands trend 2010-2019
   6. Top 10 Groups sales volume 2010-2019
   7. Top 10 Groups market share 2010-2019
   8. Top 10 Groups sales volume 2010-2019
   9. Top 10 Groups market share 2010-2019
   10. Top 10 Cars Manufacturers  trend 2010-2019
5.  Premium Brands performance
   1. Premium brands sales volume 2010-2019
   2. Premium segment market share 2010-2019
   3. Premium brands sales 2017-2019
   4. Premium brands share 2017-2019
   5. Top Models sales 2017-2019
   6. Top models share 2017-2019
6. Car Passenger’s segmentation
   1. Car Passenger’s segmentation – size 2019
   2. Sales distribution by segment 2019
   3. Segment A share and volumes 2010-2019
   4. Segment B share and volumes 2010-2019
   5. Segment C share and volumes 2010-2019
   6. Segment D share and volumes 2010-2019
   7. Segment E share and volumes 2010-2019
   8. Segment F share and volumes 2010-2019
7. Car Passenger’s segmentation – Body
   1. Sales distribution by segment 2019
   2. Coupe share and volumes 2010-2019
   3. Hatchback share and volumes 2010-2019
   4. MPV share and volumes 2010-2019
   5. Sedan share and volumes 2010-2019
   6. SUV share and volume 2010-2019
8. Car Passenger’s models performance
   1. Best-selling models – Cars Top 10 sales 2019
   2. Best-selling models – Cars Top 10 share 2019
   3. All models sales and share – Cars 2017-2019
9. CVs segment analysis & data
   1. CVs mix evolution 2010-2019
   2. CVs segments mix 2019
   3. Light Bus sales and trend 2010-2019
   4. Van Small sales and trend 2010-2019
   5. Van Mid sales and trend 2010-2019
   6. Van Large sales and trend 2010-2019
   7. Pick ups sales and trend 2010-2019
   8. LCV Truck sales and trend 2010-2019
   9. LCV Truck sales and trend 2010-2019
   10. Top 10 models sales and market share 2019
   11. All models sales and share – LCVs 2018-2019
10. LCVs models performance
    1. Best-selling models – Top 10 sales 2019
    2. Best-selling models – Top 10 share 2019
    3. All models sales and share 2018-2019

AX – Sources
AX – Methodology

Economic Environment

Indian economic growth slowed to a six-and-a-half-year low in Q2 FY 2019, which ran from July to September, as fixed investment grew at the weakest pace in nearly five years.

Despite recent interest rate cuts by the Reserve Bank of India (RBI), a sharp moderation in bank lending growth weighed on fixed investment. On the other hand, private consumption and government consumption both grew at a faster pace in Q2.

However, consumer confidence and business confidence in the manufacturing sector both decreased in the quarter, pointing to modest private consumption and fixed investment readings.

Market Trend

Indian vehicles market is the 5th largest in the World and is very close to outpace Germany to gain the fourth.

Following five years of continuous vigorous growth, in the 2018 the Indian car passenger market hit the last all time record with 3.38 million sales, despite the introduction of the new National Automotive Plan, in mid year, had blocked the growth.

The industry was also impacted by the fall Rupee value in the international market, by the interest rates increase in interest and by fuel price increase. Consequently, since the last months of the 2018 a new trend – negative this time – is in place and the market is declining month after month.

In 2019 the market pushed the brakes, falling down 7.4% and registering 3.11 million units.

The local manufacturer Maruti, holds nea 50% of market just having progressively increased the quota during the last decade with a record of 51% hit in the 2018. In the 2019 the year to date share is just below 50% well ahead of the followers, three manufacturers producing locally, the Korean Hyundai, second, and the Indian Mahindra and Tata.

However, the key fact of 2019 is the immediate success of the last brand arrived in the market, Kia, already ranking within the Top 10.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.

India Auto Market in 2015 hit the new all time record advancing in 5th place at global level. The market is fueled by a roaring domestic economy and by the introduction of several new models all having great success.

Economic Outlook

India’s economy picked up speed in the July to September quarter, growing 7.4% over the same period of last year. Strong fixed investment growth and robust government spending fueled the acceleration, while private consumption remained sluggish and the external sector’s drag on the economy increased.

Looking forward, government consumption is likely to wane in the coming quarters as much of the expenditure was front-loaded and more recent economic data is mixed: the manufacturing PMI fell to an over-two-year low in November but industrial production expanded at a multi-year high in October.

The key for the Indian economy lies in enacting meaningful economic reforms, however, crucial bills remain stalled in Congress.

In December, legislation for the long-awaited Goods and Service Tax (GST)—designed to simplify India’s complex tax system and boost the business climate—was held up by protesting opposition members. The government lacks a majority in the Upper House of Congress, which has hindered its reform agenda.

Market Outlook

December was the 19th month after the May 2014 political election that have changed the country leadership and the Indian Auto market celebrates the 18th year on year growth out of the last 19 months. It is not a case, as the new government has introduced more support for the industry and increased the consumer’s confidence.

In a booming economic environment (+7.4% in the Q3 is probably the best GDP increase worldwide) demand for new vehicles has fueled by new models as well and several new entry are already on top of a model ranking usually almost frozen.

In December new car passenger’s sales had been 231.635, up 10.4% from the correspondent month last year.

According with data reported by the SIAM, the Society of Indian Automotive Manufacturers, calendar year 2015 ended with a new record of 2.780.092 sales, up 8.7% from the 2014.

With additional 550.000 sales of the light commercial vehicles (data are not yet consolidated), the Indian Light Vehicles market in the 2015 was the 5th in the World, up 1 spot from the previous year.

Competitive Arena

In December Maruti sold 111.333 units (+13.5%) with market share at 48.1% and full year sales volume at 1.289.000 units. In second, place Hyundai sold 41.861 units (+28.8%) ending the year at 476.001 (+15.7%) while third was Mahindra & Mahindra with 17.149 sales (+1.8%).

Honda ranked fourth with 12.379 sales (-14.2%) followed by Toyota with 10.446 (-11.0%), Renault with 10.292 (+160.2%) and Tata with 8.068 (-33.0%)

As far as the performance at group level, Maruti-Suzuki led with 48.1% of market share ahead of Hyundai Group with 18.1% and Mahindra with 7.4%.

As far as the best-selling models, in December the Maruti Alto was back on top with 22.589 units (+1.3%) ahead of the Maruti Dzire with 16.790 sales (-2.4%) and the Maruti R Wagon with 14.645 (+18.8%).

Several new models are gaining space: the Renault Kwid was 9th with 6.888, the  Hyundai Creta ranked 15th with 4.709, the Maruti Ciaz was 21st with 2.841 units, the Honda Jazz was 22nd with 2.602 and the Ford Aspire was 25th with 2.252.

Wishing to see the best-selling cars ranking for the top 100 models, just read the dedicated report.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models