Mumbai: The automobile industry in India has grown to Rs 8.7 lakh crore in this fiscal year. The ‘India Automobile Sector Value Report’ published by management consulting services firm ‘Primus Partners’ revealed this.
The Indian automobile industry generated a revenue of Rs 8.7 lakh crore this fiscal. The total vehicle production stands at 2.7 crore units in FY23. The Indian automobile industry employs over 1.9 crore people.
The passenger vehicle (PV) segment contributed 58% to the total value at Rs 5 lakh crore. The two-wheeler segment contributed 21% at Rs 1.8 lakh crore. The commercial vehicle (CV) contributed 19% at Rs 1.7 lakh crore and the three-wheeler segment’s contribution was 2% at Rs 17,000 crore. In the PV segment, the mid-size SUV and full-size SUV sub-segments accounted for over half of the value. The compact sub-segment created 25% of the value, while luxury vehicles contributed 13%.
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‘People are not preferring the cheaper mini cars and sedans and they have a low share in value. The key manufacturers in this segment are Maruti, Hyundai, Tata, Mahindra, Kia, Toyota, Honda and Volkswagen,’ the report said.
With regard to production, the two-wheeler segment had the highest share at 77% with 2.05 crore units, followed by the PV segment at 16% with 43.91 lakh units, the CV segment at 4% with 10.36 lakh units and the three-wheeler segment at 3% with 8.56 lakh units.
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