The trade noticed gross sales of round 3.8 million items in 2022, recording a giant enhance over close to 3.1 million items offered in 2021. The nice half was that the numbers had been way more than the earlier excessive of three.4 million reached in 2018. Whereas firms reminiscent of Tata Motors, Hyundai, Toyota and Skoda recorded their best-ever numbers, Maruti couldn’t higher its 2018 home volumes as semiconductor shortages hampered its manufacturing, together with in December.
In 2022, trade noticed a surge in gross sales of premium autos, or these costing upwards of Rs 10 lakh. Share of premiums stood at 41% of complete automobile gross sales within the yr towards 16% round 4 years in the past. A slowdown hit progress in 2019 and the interval after that was marred by part shortages – primarily semiconductors – and rising enter prices.
Tarun Garg, director (gross sales & advertising and marketing) at Hyundai India, mentioned that demand for the corporate’s automobiles stays excessive. Shashank Srivastava, who heads gross sales and advertising and marketing at Maruti Suzuki, additionally mentioned that alternate fuels like CNG have been rising for the reason that maintain of diesel in classes reminiscent of hatchbacks and sedans has turn into near-negligible. Shailesh Chandra, MD of Tata Motors’ passenger autos and electrical mobility divisions, mentioned the passenger autos trade is more likely to see “strong demand” within the subsequent quarter as nicely.