India’s passenger vehicle (PV) sales crossed the 3 million-unit mark in FY2022 with cumulative sales of key OEMs touching 30,45,465 units, a 12 percent year-on-year uptick compared to FY2021 figures – 27,11,457 units.
- FY2022 witnessed a 12 percent increase in automobile sales
- Maruti Suzuki and Hyundai sales were affected by the chip shortage
- Russia-Ukraine crisis adding to the woes of manufacturers
The industry has breached the 3-million mark for the first time in four years as it last hit a tally of 33,77,436 units in FY2018 when the sector was firing on all cylinders. Then came the market slump – caused by price hikes and the transition to new safety and emission regulations – and COVID-19, which further impacted demand.
Maruti Suzuki sales
Maruti Suzuki India’s full-year domestic sales in FY22 closed at 13,31,558 units, but it could only manage a three percent year-on-year uptick – 12,93,840 units sold in FY2021. Despite trebling demand, the company had to cope with a global chip shortage, which affected and reduced its production by up to 51 percent in September last year.
While the situation eventually eased out later, and production returned to 90 percent normalcy in early 2022, unpredictability looms large again due to the ongoing Russia-Ukraine conflict, and “there could be some impact on production volumes in FY2023 as well,” the company said in a statement.
The second largest contributor to the 3-million milestone was Hyundai, which clocked cumulative sales of 4,81,500 units, registering a 2.1 percent year-on-year uptick. The company also faced severe production challenges last fiscal, with some of its popular models like the Creta and Aura CNG having a wait time of over six months.
However, if there’s one company that has stolen the limelight from all players, it is homegrown manufacturer Tata Motors that takes the crown for its magnificent performance. The company sold 3,70,372 units for the entire fiscal – its best ever so far – registering a 67 percent year-on-year growth over the 2,22,025 units it sold last year. The achievement also includes an accelerated growth for its EV portfolio, which went home to 19,106 buyers, registering a near five-fold growth.
Tata Motors also pipped Hyundai to grab the second position in the market, by volumes, in December 2021. With an aggressive SUV-led product portfolio, the company also introduced products like the Punch subcompact crossover in October 2021, while also bringing in revisions to its existing models.
It also ventured into new segments with the all-electric Tigor EV as well as introducing factory-fitted CNG options in the Tiago and Tigor. EVs already comprise five percent of its volumes in FY2022, and the manufacturer is gearing up to launch new products like a long-range Nexon EV.
|Passenger vehicle sales FY2022|
|Mahinda & Mahindra||2,20,951||1,55,503||42.09%|
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