Comprehensive report that examines the post-pandemic positive trends and how the Indian automotive industry bounced back across three key categories: passenger vehicles, commercial vehicles, and two-wheelers.
The Indian automobile industry has showcased remarkable resilience and innovation in the face of challenges posed by the COVID-19 pandemic, sluggish demand, and supply chain constraints. As the financial year 2022-23 draws to a close, the industry has emerged as a success story, having bounced back with record sales figures in the passenger vehicle (PV) segment. Notably, the commercial vehicle (CV) segment has also witnessed its highest sales since FY19, indicating a positive trend for the overall industry.
According to the latest figures from the industry organization, Society of Indian Automobile Manufacturers (SIAM), production in FY23 grew by 12.6% to 2.6 crores units, up by 28.9 lakhs units from FY22, while Domestic sales experienced an increase of 20.3%, up by 35.9 lakhs units, from ~1.8 crores units in FY22 to 2.1 crores units in FY23.
Click here to read the annual review of 2022-23