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Highlights:
Mahindra (+1.8%) and Toyota (+1.2%) gained significant market share by posting 30% and 38% growth respectively.
Renault (-1.1%), Tata (-0.5%), Kia (-0.5%), and Honda (-0.5%) have lost considerable market share.
The top four brands control 80% of the Indian passenger vehicle market.
Hyundai, Tata, Mahindra, Kia, Toyota, and MG posted their best-ever sales in 2023.
Manufacturer wise analysis
Among the old players, Hyundai, Tata, Mahindra, and Toyota posted their highest sales in 2023.
Among new entrants, Kia and MG have posted the best sales figures.
Mahindra (+1.8%) and Toyota (+1.2%) gained significant market share.
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.