AAA weekly

2024-06-19

India’s Automobile Sales by Segment in 2023

In 2023, the Indian automobile market (total sales volume of SIAM [Society of Indian Automobile Manufacturers] members and major premium brands that are not SIAM members) reached a record high of 5,119,776 units, up 7.6% from the previous year, surpassing the 5 million unit-level for the first time. The economy was booming in 2023, with a full-year GDP growth rate of 6.3%, promoting consumption. The increase was around 362,000 units, SUVs accounting for all of that. The market composition ratio of SUVs, which continue to grow in the Indian market, was around 35% in 2022, comparable to that of passenger cars, but by 2023, SUVs had expanded to 40%, while passenger cars had shrunk to 30%.

SUVs were the most popular vehicle type in 2023, with sales increasing by 22.3% from the previous year to 2,018,458 units. Meanwhile, passenger cars dropped 5.9% to 1,578,603 units. MPV sales increased by 7.3% from the previous year to 355,905 units, but the rate of growth slowed down compared to 2022. All commercial vehicle segments increased except mini trucks. While LCVs inched up 0.2% to 28,021 units, M&HCVs rose 15.5% to 445,743 units.


Graph: India: Sales Volume of Automobiles by Major Segments (2018-2023)Graph: India: Annual Change in Automobile Sales by Segment Compared to the Previous Year (2023)
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