Tata (+3.2%) and Mahindra (+2.3%) gained significant market share
Maruti (-2.7%) and Hyundai (-1.8%) have lost significant market share
The top three brands control 70% of the Indian passenger vehicle market
Nissan discontinued the Datsun brand due to poor sales
Among old players, Tata Motors, Mahindra, Hyundai, and Skoda posted their highest sales in 2022.
Among new entrants, KIA has posted the best sales figure with an increase in market share and 40% growth
Tata (+3.2%) and Mahindra (+2.3%) gained significant market share.
Maruti (-2.7%) and Hyundai (-1.8%) have lost significant market share.
Tata Motors was just 25,690 units short for the #2 position in 2022.
Peak (2018) to peak (2022) market share change
2018 was the previous best year for the PV industry, and many automakers posted their best sales figures. However, 2022 has been totally different. Many old players lost market share due to aggressive new entrants like KIA and MG, followed by resurgent homegrown car makers like Tata and Mahindra.
Maruti, Hyundai, and Honda have lost considerable market share since 2018. Maruti and Honda lost share due to underwhelming product launches in the fast-growing mid-size crossover segment before 2022. Hyundai lost a considerable share in the hatchback segment and the absence of a MUV in its product portfolio limits its growth. An SUV/crossover-focused strategy has led to a strong start for KIA, Tata, Mahindra, and MG.
Skoda and Nissan also improved their market shares to a small extent due to the launch of new products. However, due to poor sales, Nissan has been forced to discontinue its budget brand, Datsun.
Market shares for Toyota, Renault, and Volkswagen remain almost unchanged.