India’s Automobile Sales Results in 2023

India’s automobile sales in 2023 (wholesale data by SIAM) went up 7.5% year-on-year to 5,079,765 units, surpassing 5 million units for the first time. Semiconductor shortage eased starting from 2022 and picked up speed in 2023 enabling backorders to be filled. Sales of SUVs have been expanding, centering on models which were newly introduced or fully remodeled since 2022. As a result, sales of utility vehicles, which consist of SUVs and MPVs, have increased significantly, widening the gap in terms of sales between utility vehicles and passenger cars to 751,000 units.

Looking at light motor vehicle sales (new registration data by MoRTH) in 2023, CNG vehicles went up 11.1% year-on-year to 539,070 units, surpassing 500,000 units for the first time. In addition, HEVs (including MHEVs) exceeded 300,000 units for the first time and BEVs reached nearly 77,000 units.