The Automotive Industry has a significant contribution to the Indian economy. With a 7.1% GDP contribution to the Indian economy, this sector plays a crucial part in India’s overall growth and development. Due to various situations like Covid-19 and supply chain disruptions, this sector was going through a rough phase for the past few years. But, now businesses are slowly getting back to the growth phase.
In March 2022, the automotive industry in India recorded a double-digit growth rate. After fighting adverse situations like Covid-19 and the Russia-Ukraine conflict, the automobile sector indicated recovery and satisfactory growth. In April 2022, the registration of vehicles increased by 37% with the Regional Transport Offices (RTO). Although the increase is still 6% less than the sales volume before the Covid-19 Pandemic, the sector shows signs that everything is getting back on track.
Different categories like passenger vehicles (PV) recorded a 12% growth, and tractors observed a 30% growth in their retail sales. The axle load norms introduced in 2018 resulted in a tough time for commercial vehicles. But in 2022, commercial vehicles are also showing signs of recovery.
Here are a few Indian automobile giants and their growth in 2022:
- Tata Motors: Tata Motors, one of the biggest Indian car manufacturers led by the great industrialist Ratan Tata, performed very well in 2022. According to a report, they sold around 45,197 in June 2022, with a year-on-year growth of approximately 87%. Their Electric Vehicles (EV) segment broke all their records and registered a growth of around 433% year-on-year growth by selling 3,507 units in June 2022.
- Mahindra & Mahindra: With great numbers across categories, Mahindra and Mahindra registered a 59% growth in the passenger vehicle segment with a solid sale of 26,880 units in June 2022. They also sold great numbers of SUVs. Overall they had around 64% year-on-year growth in their sales volume in June 2022.
- TVS Motors: TVS motors is a two-wheeler manufacturer in India. They also recorded good performance in the two-wheeler segment. For domestic two-wheelers, they sold around 293,715 units and the year-on-year growth in June 2022 was 33%.
- Hyundai Motors: The numbers that Hyundai got in June 2022 helped them get a number two spot in the chart after Tata Motors. Hyundai recorded a 21% year-on-year growth in June 2022 by selling 122,685 units. In comparison to June 2021, Hyundai also improved its exports by 40%.
These were a few automobile giants and their growth performance in the month of June 2022.