The Indian automobile industry has witnessed gradual changes in the first 9 months of this year, from the rise of strong hybrid and electric vehicles to the announcement of Bharat NCAP. However, there have been some interesting shifts in the sales of these vehicles.
When compared to Q2 2023, battery electric vehicles (BEVs) registered a sales decline for the first time, with a 10 percent drop. In the third quarter of this year, 24,028 BEVs were sold, down from 26,794 units in Q2 2023. On the other hand, strong hybrid electric vehicle (EV) sales saw a rebound, reaching 20,022 units, thanks to increased production by Toyota. The combined sales of BEVs and strong hybrid EVs remained steady at around 4.2 percent.
The Tata Tiago EV continued to be the top-selling BEV in the country, while the Toyota Innova Hycross retained its position as India’s best-selling strong hybrid EV in Q3 2023. In fact, both models were the best-selling cars in their respective fuel types for the first nine months of CY2023, with the Tiago EV and Innova Hycross holding 41 percent and 44 percent market share in their segments. The Tata Tiago EV offers two battery pack options – 19.2kWh and 24kWh. The Toyota Innova Hycross is equipped with a 2.0L, 4-cylinder engine using an Atkinson cycle.
Moving on to the petrol and diesel car segments, in CY2023, the Maruti Swift with a 1.2L petrol engine dominated the segment, capturing a 7 percent market share. In recent updates, the Indo-Japanese automaker is preparing to introduce the next-generation Swift in early 2024, which is reported to feature a strong hybrid powertrain, making it India’s most fuel-efficient car. The 2024 Swift was recently unveiled in its concept form in Japan.
Mahindra’s Bolero, powered by a 1.5L diesel engine, ruled the semi-urban and rural markets, holding a 16 percent share of the diesel market with a total volume of 81,344 units. Additionally, compressed natural gas (CNG) has emerged as a preferred fuel option among Indian car buyers. In CY2023, the Maruti Suzuki WagonR became the top-selling CNG vehicle, capturing a 17 percent market share with 66,406 units in volume.
