Highlights:
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Mahindra (+1.8%) and Toyota (+1.2%) gained significant market share by posting 30% and 38% growth respectively.
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Renault (-1.1%), Tata (-0.5%), Kia (-0.5%), and Honda (-0.5%) have lost considerable market share.
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The top four brands control 80% of the Indian passenger vehicle market.
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Hyundai, Tata, Mahindra, Kia, Toyota, and MG posted their best-ever sales in 2023.
Manufacturer wise analysis
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Among the old players, Hyundai, Tata, Mahindra, and Toyota posted their highest sales in 2023.
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Among new entrants, Kia and MG have posted the best sales figures.
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Mahindra (+1.8%) and Toyota (+1.2%) gained significant market share.
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Renault (-1.1%), Tata (-0.5%), Kia (-0.5%) and Honda (-0.5%) have lost considerable market share.
Peak (2018) to peak (2023) market share change
2018 was the best year before the pandemic for the PV industry, & many automakers posted their best sales figures. However, 2023 has been different. Many old players lost market share due to aggressive new entrants like Kia & MG, followed by resurgent homegrown car makers like Tata & Mahindra.
Maruti, Hyundai, Honda, & Renault have lost considerable market share since 2018. Their traditional product portfolio composed of hatchbacks & sedans, has fewer takers in the Indian market as of now. However, their SUV portfolio has been successful in 2023, except for Renault.
A new & refreshed product portfolio has helped Toyota, Mahindra & Tata to gain significant market share in the past 3 years.
