The automobile industry of India has concluded the financial year 2023 on a happening note, arising from a success story by being successful again after difficult challenges drawn by the COVID-19 pandemic, worst demand, and supply chain constraints.
Representing enormous resilience, revolution, and robust market demand, the industry gains record sales regarding the passenger vehicles portion in the financial year 2023.
The commercial vehicle part also lists the highest sales after the financial year 2019, showing a happening trend in the industry.
The Passenger Vehicle
The Passenger Vehicle Portion of the automobile industry has listest its highest sales of more than 3.9 million in the financial year 2023, with the two main factors leading the growth, strong demand, and relaxation of supply chain constraints drawing to a surge in production.
Consumer preference and demand in the Passenger Vehicle portion are growing jagged towards SUVs, which have seen year-over-year growth of more than 30%.
Although, the sale of compact cars has witnessed a slight growth and the sedan portion has not performed well. It has shown negative growth in the sales volume.
The electric vehicle portion has represented a vital growth potential having all the big firms ready to set their foot into the market in the financial year 2023, launching new models in the passenger and commercial vehicle portions.
Tata Motors came up as the market leader in the four-wheeler part, selling more than 50,000 and getting a complete EV penetration.
The Commercial Vehicle Segment
The commercial vehicle portion of the automobile industry saw a great upturn in the sales volume in the financial year 2023, taken by robust demand and advancement in big economic activities, adding infrastructure and construction industries.
Most truck and bus portions noticed healthy growth, excluding the weak demand in the LCV or light commercial vehicle portion.
Exports Of the Automobile Industry
At the time, domestic demand and sales of the automobile industry have been at their peak, the same can not be forecasted for the international sales of Indian automotive firms. There was a crucial downward trend, especially in the Commercial vehicle portion.
It will be mainly because of a weak outlook over the world and fighting economically neighboring countries of India.