Passenger vehicles production volume India FY 2014-2023

At the end of fiscal year 2023, 4.58 million passenger vehicles were produced across India. The country’s automobile industry witnessed a slowdown due to an economic slump and the impact of the coronavirus pandemic in financial years 2020 and 2021. Rising congestion and the push from the government to switch to electric vehicles could also be a reason for the decline in growth. Previously between fiscal years 2007 and 2017, the compound annual growth rate of registered motor vehicles stood at 10.1 percent, which was almost twice the CAGR of national highways for the same time period.

Passengers vehicles: An avenue of sustainable India

Two-wheelers and three-wheelers are the driving force of passenger vehicle sales in India. A surge in the sales volume of two-wheelers and three-wheelers was observed in the recent past, although the sales volume for both the categories experienced a short drop in the financial year 2020. Most of the two-wheelers and three-wheelers in India are electric vehicles. India aims to expand sustainable mobility through passenger vehicles.

Key automotive industry players in India

There were many leading market players, including Indian manufacturers like Bajaj Auto, and Hero MotoCorp, that had driven the sales volume of passenger vehicles in India across a plethora of segments. Some of the leading companies in the three-wheeler sector were Bajaj Auto, Piaggio, and YC Electric Vehicle. Whereas Hero MotoCorp held the highest market share in the two-wheeler industry in the financial year 2022.