The passenger vehicle production stood at 3,51,290 units in April 2024, a 9.99 per cent increase from 3,16,163 units in April 2023. Subsequently, the domestic sales increased from 2,84,271 units in April 2023 to 2,87,746 units in April 2024, an increment of 1.22 per cent. Similarly, exports jumped from 40,940 units in April 2023 to 49,563 units in April 2024, an increase of 21.06 per cent, according to data released by Society of Indian Automobile Manufacturers (SIAM).

The top five passenger vehicles companies across production, domestic sales and exports in April 2024 are Maruti Suzuki India, Hyundai Motor India, Mahindra & Mahindra, Toyota Kirloskar Motor and Kia Motors India.

Underlying macroeconomic factors have also played a role in the development of the sector as India experienced steady economic growth, which has led to an increase in consumer spending. The trends shaping the PV industry are supported by enhanced model availability and favourable market sentiments, particularly around festive events such as Navratri and Gudi Padwa. However, despite strong bookings and customer flow, high competition, excess supply and discounting presented challenges for sustained growth in the category.

India is one of the largest automobile markets in the world, both in terms of production and sales. 

The EV segment is gaining momentum with manufacturers like Tata Motors, Mahindra Electric, and new entrants like Ola Electric and Ather Energy.Government policies such as the FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme are aimed at boosting EV production and sales.