According to data released by the Society of Indian Automobile Manufacturers (SIAM) on May 15, accumulated sales of Hyundai and Kia cars in India in the first four months of 2023 stood at 295,359 units, up 15.5 percent from the same period a year ago. Hyundai sold 197,408 units and Kia sold 97,951 units.
Because sales of vehicles tend to increase in the latter half of a year, the total sales by Hyundai auto group will reach its highest since 2019, when Kia made a foray into the Indian market. The market share of Hyundai group was 21.1 percent in 2022. SIAM analyzed that a diverse lineup of vehicles attracted Indian customers.
Hyundai and Kia performed especially well in the mid-size and compact sport utility vehicle categories with a market share of 54.1 percent and 26.1 percent, respectively. According to the carmaker group, Hyundai aims to sell 595,000 units and Kia 283,000 units by the end of 2023. Industry officials predict that if sales of Hyundai and Kia cars continue to grow, the South Korean carmaker group would be able to reach annual sales of one million units in three years.
The Indian car market is rapidly increasing after the effects of the COVID-19 pandemic started to loosen in 2021. According to data released by the Korea Automobile Manufacturers Association (KAMA), the Indian car market stood at 4.76 million units in 2022, up 26.7 percent from a year ago, to become the third-largest vehicle market in the world.
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