The SUV segment had the largest share in the car market with over 48.7% in CY 23.
By Crox Times Desk: In between a robust demand and supply, the passenger vehicle volume in the domestic market crossed over 4 million domestic units during a calendar year (CY) for the first time in 2023 with several original equipment manufacturers registering their highest-ever wholesales.
The passenger vehicle rose to 8.3% at over 4 million in CY23 from 3 million in CY22. The jump in wholesales comes at a growth of 23% growth in CY22. And surprisingly all the 12 months of CY23 recorded the highest sales ever for that particular month.
Shashank Srivastava, Senior Marketing Officer expects the SUV segment to dominate in CY 24 and plateau around 54-54% in the coming years.
“Whereas we expect the SUV Segment to go up to 52-53% in CY24,” Said Tarun Garg, COO, of Hyundai Motor India.
Both TATA Motors and Mahindra had the highest-ever PV wholesales in the domestic market at over 550,838 units and 433, 172 units respectively in CY23.
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