Car sales in India cross 4 million units in 2023
03 Jan 2024
Car sales in India hit a record in 2023, crossing the 4 million mark for the first time, as customers continued to pursue their love for sports utility vehicles (SUVs).
Wholesale number of passenger vehicles grew 8.3 per cent to 41,08,000 units in 2023 from 37,92,000 in the previous year. Auto makers sold a record 287,904 units in December 2023 - a 4.4 per cent growth year-on-year.
Among passenger cars, SUV sales increased by 26 per cent even as the market share of SUVs rose to 48.7 per cent, against 42 per cent in the previous year. The share of hatchbacks dropped to 30 per cent in 2023 from 34.8 per cent in 2022 while that of sedans declined to 9.4 per cent from 11 per cent a year ago.
Retail sales increased by 7.8 per cent year-on-year to 442,800 units in December 2023 as original equipment makers (OEMs) continued efforts to bring down inventory levels.
Total stock with auto makers, which stood at 331,000 units in the beginning of December 2023, now stands at 176,500 units.
Market leader Maruti Suzuki India Limited (MSIL) sold over 2 million vehicles in 2023 while its December sales totaled 1,37,551 units, including a domestic sales tally of 1,06,492 units, sales to other OEM of 4,175 units and exports of 26,884 units.
Hyundai Motor India (HMIL) reported highest-ever annual sales with domestic sales of 602,111 units, which is up 9 per cent compared to 552,511 units in the previous year. HMIL’s exports increased by 10 per cent to 163,675 units in 2023 against 148,300 units in the previous year. The company sold 56,450 units in 2023, including domestic sale of 42,750 units and export of 13,700 units.
Tata Motors reported the highest-ever sales of a total 553,000 units in 2023, posting record sales for a third consecutive year.
Mahindra and Mahindra (M&M) reported a 30 per cent rise in annual sales at 432,876 units in 2023.
MG Motor India sold 56,902 units in 2023 , recording an 18 per cent annual growth, extending sales growth for a fourth consecutive year.