NEW DELHI: The car industry wrapped up 2022 as its biggest-ever year in terms of sales, though companies now tread cautiously with concerns around inflation and interest rates. Against a 33% surge last year, led by SUVs, the growth is likely to slip to single digits this year on a higher base and rising risks.
The industry saw sales of around 3.8 million units in 2022, recording a big increase over near 3.1 million units sold in 2021. The good part was that the numbers were much more than the previous high of 3.4 million reached in 2018. While companies such as Tata Motors, Hyundai, Toyota and Skoda recorded their best-ever numbers, Maruti could not better its 2018 domestic volumes as semiconductor shortages hampered its production, including in December.
In 2022, industry saw a surge in sales of premium vehicles, or those costing upwards of Rs 10 lakh. Share of premiums stood at 41% of total car sales in the year against 16% around four years ago. A slowdown hit growth in 2019 and the period after that was marred by component shortages – primarily semiconductors – and rising input costs.
Tarun Garg, director (sales & marketing) at Hyundai India, said that demand for the company’s cars remains high. Shashank Srivastava, who heads sales and marketing at Maruti Suzuki, also said that alternate fuels like CNG have been growing since the hold of diesel in categories such as hatchbacks and sedans has become near-negligible. Shailesh Chandra, MD of Tata Motors’ passenger vehicles and electric mobility divisions, said the passenger vehicles industry is likely to see “robust demand” in the next quarter as well.
The industry saw sales of around 3.8 million units in 2022, recording a big increase over near 3.1 million units sold in 2021. The good part was that the numbers were much more than the previous high of 3.4 million reached in 2018. While companies such as Tata Motors, Hyundai, Toyota and Skoda recorded their best-ever numbers, Maruti could not better its 2018 domestic volumes as semiconductor shortages hampered its production, including in December.
In 2022, industry saw a surge in sales of premium vehicles, or those costing upwards of Rs 10 lakh. Share of premiums stood at 41% of total car sales in the year against 16% around four years ago. A slowdown hit growth in 2019 and the period after that was marred by component shortages – primarily semiconductors – and rising input costs.
Tarun Garg, director (sales & marketing) at Hyundai India, said that demand for the company’s cars remains high. Shashank Srivastava, who heads sales and marketing at Maruti Suzuki, also said that alternate fuels like CNG have been growing since the hold of diesel in categories such as hatchbacks and sedans has become near-negligible. Shailesh Chandra, MD of Tata Motors’ passenger vehicles and electric mobility divisions, said the passenger vehicles industry is likely to see “robust demand” in the next quarter as well.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
