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Two-wheelers had a leading share in the automotive industry across India at the end of fiscal year 2020, at about ** percent. In 2020, almost *** million two-wheelers were sold domestically. In 2018, the south Asian country became the fourth largest manufacturer of cars and the seventh largest manufacturer of commercial vehicles. In 2023, around **** million commercial vehicles and around *** million passenger vehicles were sold in the country.

Domestic consumption

India’s automotive market was dominated by two-wheelers and passenger vehicles. Small and mid-sized car sales accounted for about ** percent of the total sales. Two-wheeler sales on the other hand had a share of over ** percent. Sales in the domestic market had increased at a compound annual growth rate of about seven percent between fiscal years 2013 and 2019 before the industry was hit by a major slowdown causing a widespread disruption across all segments, which was further impacted by the coronavirus pandemic.

The export market

In fiscal year 2021, there were over *** million vehicles exported from India. This meant a growth of over eight percent between 2013 and 2019 fiscal years before the coronavirus pandemic. Almost ** percent of these exported vehicles were two-wheelers. Automobile exports had an annual growth of about ** percent overall at the end of fiscal year 2019.