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Indian auto industry achieves highest ever annual sales in 2022

The sale of domestic passenger vehicles in India reached an all-time high last year. In 2022, the country sold 3.793 million, or 37.93 lakh units, a 23.1% increase over the previous year. The largest increase in annual sales was reported by major four-wheeler companies Tata Motors (58.2%), Kia India (40.2%), and Toyota Kirloskar Motor (22.6%). 

However, the fastest-growing of the top companies was Skoda Auto Volkswagen India, with a growth of 123.3%. Maruti Suzuki maintained its dominance of the Indian auto industry in 2022, selling 15.8 lakh vehicles there compared to the 13.68 lakhs it sold in 2021, a 15.4% increase year over year.

The Indian auto industry sold over 2.28 lakh vehicles in December 2022 alone, a 3.6% increase from the 2.20 lakh units sold in the same month in 2021. The rise in sales figures reveals the rising demand for automobiles in India and the slightly better semiconductor chip situation. 

In 2022, the country witnessed the introduction of many high-selling new cars, including some significant debuts like the Mahindra Scorpio-N, Maruti Suzuki Grand Vitara, Toyota Hyryder, Toyota Innova Hycross, and so on. This year will likely introduce more new and exciting cars due to the upcoming Auto Expo 2023.

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BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.