India manufactured a mammoth 2.7 crore vehicles in FY23: Report

  • Two-wheelers remain the backbone of the Indian automobile industry but commercial and passenger vehicle segments too have seen a healthy growth.
File photo used for representational purpose. (Bloomberg)
File photo used for representational purpose.

The Indian automotive market recently became the third largest in the world, overtaking Japan. The significant rise in demand across most segments has been so prolific in recent post-Covid times that almost every manufacturer is witnessing a spurt in sales. Little wonder then that a recent report highlights that around 2.7 crore vehicles were manufactured in FY23.

According to Primus Partners, India's vehicle production jumped across segments and types in FY23 and was worth $108 billion. Of the total figure, two-wheelers were the dominant segment with around 2 crore units manufactured. This is almost as many two-wheelers manufactured in China - world's largest vehicle market - in the same period.

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The report also highlighted that commercial vehicles accounted for 10 lakh in production last fiscal and accounted for 4 per cent in the total volume and 19 per cent in value terms.

The passenger vehicle segment also witnessed some very significant updates. The report highlights how mid-size and full-size SUV sub-segments accounted for over half of the value here. The compact sub-segment created 25 per cent of value while vehicles belonging to the luxury segment created 13 per cent of the value.

The report further notes that buyers at large are gradually turning away from mini cars and sedans, while preferring larger utility vehicle options. This has been known for some time now with the likes of Maruti Suzuki firmly focusing on building its SUV lineup while others like Mahindra and Tata Motors also driving out new and updated models in these segments.

As far as electric vehicle movement is concerned, the Primus Partners' report highlights that the bulk of the thrust is coming from three and two-wheeler categories. It is further noted that while India may be behind on the electrification movement when compared to countries like the US and China, notable changes and investments are promising to quicken the pace.

(With inputs from PTI)

First Published Date: 28 Jun 2023, 13:22 PM IST
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