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%.