Vehicles in India: The automobile industry in India is growing steadily. According to a report, billions of cars have been manufactured in the country even in the fiscal year 2023. We tell you how many cars were manufactured in the country in FY 2023 and which category of cars were in the highest demand. The domestic vehicle industry produced a total of 2.7 crore vehicles valued at $108 billion (approximately Rs 8.7 lakh crore) under various vehicle categories and types in the financial year 2022-23. In terms of value, the share of passenger vehicles was 57 percent. Providing this information in a report, management advisory firm Primus Partners said that in the last financial year, the commercial vehicle segment accounted for 10 lakh vehicles in total vehicles, valued at around Rs 1.7 lakh crore.
According to the report, a total of 2 crore two-wheelers were produced in the country in the last financial year, which is about 77 percent of the total vehicles. At the same time, in terms of value, the two-wheeler segment’s share grew to 21 percent at Rs 1.8 lakh crore. Around 1.9 crore people have been employed in the automobile industry of the country during this period. The midsize and full-size SUV sub-segments account for more than half of the passenger car segment by value, the report said. The compact SUV sub-segment also contributed 25 percent of the total vehicle value. At the same time, vehicles in the luxury segment contributed Rs 63,000 crore to the value.
According to the report, cheap ‘mini’ cars and sedans are not very popular in the Indian market, due to which their share has declined. As far as battery powered vehicles are concerned, a large share of it has been seen only in the two-wheeler and three-wheeler segments. The report says that the Indian EV industry lags behind leading markets like China, the US and the European Union, but with huge investments in the segment, there are positive signs for the future. (Courtesy of Input Language)
