Indian market grows by 8.1% in 2023 compared to 2022
- The Indian passenger cars market continued its growth started in 2021 in 2023, with an increase of 8.1% compared to 2022. Sales increased from 2.5 million units in 2020 to 3.1 million in 2021, 3.8 million in 2022 and 4.1 million in 2023. In fact, the Indian market continues the trend observed between 2014 and 2018, a trend which was broken in 2019-2020 in particular by the COVID crisis. The Indian market has therefore set a new record in 2023, however the volume of 4.1 million units still remains low if we compare this volume to China, a country with a population equal to India. In China, 26 million new passenger cars were sold last year, or 6.3 times more than in India.
- The Indian market was nevertheless in fourth position last year, behind China, the United States and Europe (29 countries) in terms of passenger car sales. And it is now ahead of Japan.
- By carmaker, the Suzuki group (Maruti brand) remains by far the Indian market leader in 2023, thanks to its small models well adapted to demand, with 42% of passenger car sales, ahead of the Korean group Hyundai-Kia (21 % market share, or half as much as Suzuki-Maruti). Followed by the national groups Tata Group (14% market share) and Mahindra (11% market share). Chinese carmakers only occupy 1% of the Indian market here.
- In 2024, the Indian passenger car market is expected to be between 4.3 million and 4.5 million units.