India 2023. Auto Market Grows For The 20th Consecutive Month In October (+13.1%)

The 2023 Toyota Corolla Cross
The 2023 Toyota Corolla Cross

Indian Autos Market in October 2023 grows for the 20th month in a row, reporting 390,672 new sales (+13.1%). YTD figures at 3.56 million are up 8.9% from the previous year.

Market Trend and Outlook

After rapid economic growth of 7.2% in the 2022-23 fiscal year, economic momentum has remained strong in the first half of 2023. The S&P Global India Services PMI Business Activity Index for July signalled continued rapid expansion in output and new orders, while July’s Manufacturing PMI survey also showed strong expansionary conditions.

India has also become an increasingly attractive location for multinationals across a wide range of industries, with foreign direct investment inflows (FDI) having reached a new record high of USD 85 billion in the 2021-22 fiscal year. FDI investment inflows into the manufacturing sector rose by 76% year-on-year (y/y) in 2021-22, reaching a level of over USD 21 billion.

In such positive economic environment, no surprise if the Indian auto market in October 2023 posted the 20th growth in a row, reporting 390,672 new sales (+13.1%). YTD figures at 3.56 million are up 8.9% from the previous year.

Looking at cumulative data up to October 2023, brand-wise Maruti leads the rankings with 1.50 million sales (+9.6%), Hyundai with 504,540 (+8.3%), Tata with 461,330 (+4.7%), Mahindra with 357,219 (+30.2%) and Kia with 219,702 (+2.0%).

Toyota with 181,083 sales (+31.5%) ranks in 6th place, followed by Honda at 67,556 sales (-16.5%), MG -up 2 spots- with 48,348 sales (+20.6%), followed by Renault with 43,881 new registrations (-41.2%) and Skoda in 10th with 40,302 units sold (-9.5%).

Looking at specific models the Maruti Swift becomes the new best seller growing 18.2% in sales, followed by the Maruti Wagon R down 8.5%.

Medium-Term Market Trend

The Indian autos market alternated positive years with negative ones, from 2010 to 2013, reaching a minimum in 2011 at 2.5 million and a peak in 2012 at 2.8 million sales. 5 years of consecutive growth followed, with a maximum reached in 2018 at 3.4 million registrations.

In 2019 started a negative trend that would continue through the covid pandemic moving sales from nearly 3 million to 2.5 million at the end of 2020.

The fall in sales in the Indian market was not due to a structural problem in the economy, in fact sales started to recover extremely quickly after the pandemic. In 2021 they rose above the 3 million mark (+26.6%) and in 2022 they grew another 23.1% to 3.82 million, setting a new all-time high.

This confirms a common trend in asian countries that, unlike European ones, are recovering well from the pandemic and are responding outstandingly to the change in market sentiment cause by a shift to Evs and a disruption in the supply chains caused by lack of raw materials for microchip production.

Tables with sales figures

In the tables below we report sales for top 10 Brands, top 10 Manufacturer Groups and top 10 Models.


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