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2022 YTD (Jan-Sep): Indian Passenger Vehicle Industry Analysis


  • 2022 is the best-performing year for the passenger vehicle industry in India due to a tailwind of pent-up demand

  • September 2022 happens to be the best month in the history of the PV market with 3,54,744 unit sales

  • SUV body style continues to dominate the market with 41% share

  • Tata and Mahindra gained 3.9% and 2.3% market share, respectively

  • Maruti and Hyundai lost 2.4% and 2.6% respectively

  • Maruti Wagon-R continues to be the best selling product in the Indian passenger vehicle market


In 2022, the Indian passenger vehicle industry posted its best result for the first three-quarters of a calendar year. This is largely driven by pent-up demand working as a tailwind, along with exciting new launches, easing supply-side constraints, and heavy discounting on entry-level products. With three more months to go, 2022 is bound to become the best year for the Indian passenger vehicle market.

Body style

The SUV continues to dominate the Indian passenger vehicle market, relegating the hatchback to second place.

The MUV segment continues its lead over sedans with the successful run of the Maruti XL6, Ertiga, Toyota Innova, and KIA Carens.


  • Tata Motors has already surpassed its full 2021 CY volume in just the first 9 months of 2022

  • Mahindra gained heavily due to the success of the XUV700, Thar, and the recently launched Scorpio-N

  • KIA continues its dream run with a successful run of its entire product portfolio

  • Maruti and Hyundai continued to lose market share in 2022 despite positive growth in volume

  • In the absence of new product launches in 2021 and 2022, Renault and Nissan are the only players with negative growth

Top 30 Products

  • The top 30 products account for 82% of the market.

  • Maruti gained 8 spots in the top 10 list. The rest, one each, were held by Tata and Hyundai

  • Maruti Wagon-R continues to be the best-selling product in 2022, followed by Swift

  • Tata Nexon gained heavily in 2022 due to the rapid growth of its EV version

  • After enjoying the #1 position for 15 years, the Maruti Alto is now relegated to the #6 rank


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