The car selling market in India is dynamic and diverse, encompassing both new and used car segments. In recent years, the used car market in India has seen significant growth, driven by factors such as increasing disposable incomes, a shift in consumer preferences, and government policies like GST reduction and the scrappage policy. The India used car selling market is expected to grow from USD 27.47 billion in 2023 to USD 55.49 billion by 2028, at a CAGR of 15.10% during the forecast period. The market is segmented into organized and unorganized sectors, with a rising trend towards online sales. Major players in the used car market include Maruti True Value, Mahindra First Choice Wheels, Cars24, OLX Autos, and others.
In the new car segment, India is a significant market for both domestic and international car manufacturering . Maruti Suzuki leads the new car market with a market share of 41.6% in October 2023. The Indian automobile market is characterized by rising middle-class income, a large youth population, and a shift towards electric vehicles. The government has committed that 30% of new vehicle sales in India would be electric by 2030
Here are the top 5 car selling companies in India, including commercial vehicles, as of November 2023:
Table of Contents
Passenger Vehicles: Top 5 Car Selling Companies in India
| Rank | Company | Total Unit Sales | Total Value (INR Crores) | Top Selling Model |
|---|---|---|---|---|
| 1 | Maruti Suzuki | 423,213 | 60,628 | Wagon R (62,167 units) |
| 2 | Hyundai | 49,451 | 14,191 | Creta (11,303 units) |
| 3 | Tata Motors | 41,316 | 10,371 | Nexon (14,460 units) |
| 4 | Mahindra | 36,301 | 12,047 | Scorpio (9,106 units) |
| 5 | Honda Cars India | 21,071 | 8,507 | Amaze (5,608 units) |
Commercial Vehicles: Top 5 Car Selling Companies in India
| Rank | Company | Total Unit Sales | Total Value (INR Crores) | Top Selling Model |
|---|---|---|---|---|
| 1 | Tata Motors | 160,059 | 51,540 | Tata Ace Gold (57,824 units) |
| 2 | Mahindra & Mahindra | 114,541 | 28,175 | Mahindra Bolero Pick-up (54,122 units) |
| 3 | Ashok Leyland | 51,209 | 12,806 | Dost (17,825 units) |
| 4 | Mercedes-Benz | 12,423 | 15,012 | Actros (3,021 units) |
| 5 | Volvo Trucks India | 7,210 | 8,923 | FM46 (2,015 units) |
Electric Vehicles (EV) Top 5 Car Selling Companies in India:
1. Tata Motors: Total Sales: 2,519 units Estimated Value: INR 302 crore Top Selling Model: Nexon EV (1,501 units)
2. MG Motor India: * Total Sales: 10,152 units * Estimated Value: INR 1,218 crore * Top Selling Model: ZS EV (5,813 units)
MG Motor India ZS EV car
3. Mahindra & Mahindra: * Total Sales: 1,305 units * Estimated Value: INR 156 crore * Top Selling Model: XUV700 EV (500 units)
Mahindra XUV700 EV car
4. Hyundai Motor India: * Total Sales: 1,633 units * Estimated Value: INR 196 crore * Top Selling Model: Kona Electric (442 units)
Hyundai Kona Electric car
5. Maruti Suzuki India: * Total Sales: 2,306 units * Estimated Value: INR 276 crore * Top Selling Model: Wagon R EV (1,600 units)
Please note:
- These figures are based on November 2023 car selling data and may not reflect the current situation.
- Car values are estimated based on average car selling prices for each model and may not be accurate.
- The Indian EV market is still nascent and developing rapidly, so these rankings may change in the future.
- These figures are based on November 2023 data and may not reflect the current situation.
- Car values are estimated based on average car prices for each model and may not be accurate.
Additional Information:
- The Indian car selling market is dominated by Maruti Suzuki, which has held the top spot for several years.
- Hyundai has been in hot pursuit in recent years, thanks to its stylish and feature-rich cars.
- Tata Motors has seen a resurgence in popularity with its new generation of SUVs, such as the Nexon and Punch.
- Mahindra is known for its rugged SUVs, such as the Bolero and Scorpio.
- Honda Cars India is a popular choice for sedans and hatchbacks, such as the City and Amaze
Sources:
- Society of Indian Automobile Manufacturers (SIAM): https://www.siam.in/about-us.aspx?mpgid=1&pgidtrail=2: https://www.siam.in/about-us.aspx?mpgid=1&pgidtrail=2
Notes:
- Sales figures may vary slightly depending on the source.
- This data is for information purposes only and does not constitute financial advice.
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