Top Automobile Companies in India

The Indian automotive industry holds a significant position in both the national and global job markets. In addition to the evident employment opportunities in car manufacturing, it creates numerous jobs in ancillary production. In India, this industry contributes to 7.1% of the country’s GDP and employs over 19 million individuals. With several major global players establishing production units in India, the domestic market boasts a thriving automobile industry. In this context, we present a compilation of the top automobile companies in India.

In a related development, 2024 marked a significant year for the Indian auto industry as it surpassed Japan and Germany to become the third-largest automobile market globally in terms of sales volumes. According to a recent study, it is also the fourth-largest country in the world in terms of value. The value of the most prominent automobile manufacturers in India is expected to grow substantially as vehicle penetration continues to rise in the country.

India’s annual production of automobiles in FY 2023 was 25.9 million vehicles. India has a strong market in terms of domestic demand and exports. According to data shared by the Society of Indian Automobile Manufacturers the Indian auto industry collectively sold 3,08,779 vehicles in August 2024, as against 3,13,715 vehicles sold in August 2023.

The Indian automotive market was valued at USD 108.10 billion in 2022 and is set to grow from USD 116.86 billion in 2023 to an impressive USD 217.90 billion by 2031. This represents a compound annual growth rate (CAGR) of 8.1% over the forecast period from 2024 to 2031.

This list of top automobile companies in India is based on sales volumes in September FY 2024.

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#1 Maruti Suzuki India – Biggest Among Top Automobile Companies in India

Maruti Suzuki holds a firm position as the unrivaled leader in India’s passenger automobile sector. Established in 1982 through a joint venture between the Government of India and Suzuki Motor Corporation (SMC), the company has consistently captured over 40% of the local market share. Such a level of dominance is a rarity in the automotive industry, cementing Maruti Suzuki’s status as India’s largest car manufacturer.

With manufacturing facilities located in Haryana and Gujarat, Maruti Suzuki boasts an impressive annual production capacity of 23.5 lakh units. Furthermore, the company has forged a global alliance with Toyota, a strategic partnership that has significantly boosted its exports and global reach.

Maruti Suzuki Units Sold in September 2024
Sales – 1,48,061 units (down 3.3% y/y)
Revenue – INR 1,45,103 crore
Market Cap – INR 3,95,564 crore
ROCE – 21.8%
Employees – 18,228

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#2 Mahindra & Mahindra (M&M)

Mahindra & Mahindra (M&M), another noteworthy Indian automaker, has made a significant mark in the industry. As a homegrown company, it has diversified its product range over time to encompass a wide variety of vehicles, including scooters, motorcycles, three-wheelers, passenger cars, commercial vehicles, and agricultural tractors. M&M has witnessed substantial growth and has placed a strong emphasis on enhancing comfort and design, notably after it acquired the Pininfarina design studio.

M&M Units Sold in September 2024
Sales – 71,494 units (up 14.1% y/y)
Revenue – INR 1,42,404 crore
Market cap – INR 3,75,944 crore
ROCE – 13.6%
Employees – 2,60,000

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#3 Tata Motors – Indigenous among best Indian car companies

Tata Motors, the Indian Passenger Vehicle industry recorded the highest-ever annual wholesale volumes of 4.2 million units in FY 2024. Stands as one of the top automobile companies in India. Initially recognized as Tata Engineering and Locomotive Company Ltd. (TELCO), the company underwent a significant transformation under the visionary leadership of Ratan Tata. Tata Motors marked its foray into the passenger vehicle segment with the introduction of the Indica hatchback in 1998. Despite facing initial challenges, the company displayed resilience and even acquired renowned brands such as Jaguar and Land Rover, further enhancing its presence in the global automotive arena.

Tata Motors Units Sold in September 2024
Sales – 69,694 units (down 15% y/y)
Revenue – INR 4,43,739 crore
Market cap – INR 3,43,887 crore
ROCE – 20.1%
Employees – 60,113

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#4 Hyundai Motor India

Hyundai, which made its entry into the Indian market in 1996, has firmly established itself among the biggest automobile companies in India. The South Korean automotive giant initially introduced the Santro small car and has since diversified its portfolio to encompass hatchbacks, SUVs, sedans, and electric vehicles, all offered at competitive price points. With a 14.24% market share in India’s passenger vehicle sales in 2024, Hyundai continues to fortify its presence in the Indian automotive landscape.

Hyundai Motor India Units Sold in September 2024
Sales – 51,101 units (down 5.8% y/y)
Revenue – INR 52,158 crore
Employees – 10,000

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#5 Toyota Kirloskar India

Toyota, a prominent Japanese automotive major, entered the Indian market via a joint venture with the Kirloskar Group in 1997. Although it may not be at the forefront in terms of sales volumes when compared to larger competitors, Toyota offsets this with a diverse product range and robust export activities. The Toyota Fortuner SUV and Innova MPV stand out as among its best-selling models in India.

Toyota Kirloskar Units Sold in September 2024
Sales – 23,802 units (up 7.4% y/y)
Revenue – INR 55,866 crore
Net Profit – INR 1,404 crore
Employees – 11,500

#6 Kia Motors

Kia India Private Limited, a subsidiary of Kia Motors, stands out as the only South Korean automaker on this list of top automobile companies in India. Established in 2017, Kia Motors initiated its manufacturing and sales operations in 2019. Despite its relatively recent entry into the Indian market, Kia has successfully garnered a substantial market share compared to its competitors, constituting 6.62% of all passenger cars sold in India in August 2024.

Kia India Units Sold in September 2024
Sales – 23,523 units (up 17.5% y/y)
Revenue – INR 800+ crore
Employees – 1,000+

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#7 Honda Cars India

Honda was among the early Japanese automakers to enter the Indian market, commencing its operations in 1995. The company operates two manufacturing facilities in Greater Noida, Uttar Pradesh, and Tapukara, Rajasthan. Honda left a significant mark with the launch of its City sedan car in 1998, which has consistently remained a top-selling model in its segment.

Honda India Units Sold in September 2024
Sales – 5,675 units (down 42.5% y/y)
Revenue – INR 14,439 crore
Employees – 5,772

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#8 MG Motor India

MG Motor, the sole Chinese automaker in this compilation, initiated its operations in India in 2019. While certain Chinese models introduced under GM’s Chevrolet brand encountered difficulties, MG Motor has managed to achieve notable success. While it still has a considerable distance to cover to compete with the top five market leaders, MG Motor has displayed its potential in the Indian market.

MG Motor Units Sold in September 2024
Sales – 4,588 units (down 9% y/y)
Revenue – INR 500+ crore
Employees – 3,000+

#9 Skoda Motors

Skoda, a subsidiary of Volkswagen, solidifies its place among the major automobile companies in India. Renowned for its contemporary and sophisticated designs, Skoda resonates with Indian consumers through its style, aesthetics, and affordability. Although it is positioned as an entry-level brand within the Volkswagen portfolio, Skoda has acquired a semi-premium image in India, notable for manufacturing high-quality, dependable, and safe vehicles.

Skoda Units Sold in September 2024
Sales – 3,308 units (down 17.96% y/y)
Revenue – INR 20,000+ crore
Employees – 1,069

#10 Renault Motors

Renault stands out as the only French company in this compilation of the biggest automobile companies in India. Renault entered the Indian market in 2005, establishing a joint venture with M&M. The venture’s initial offering in the domestic market was the Renault Logan, which was essentially a rebadged version of Renault’s Dacia division car. However, it didn’t achieve remarkable sales figures, partly owing to its dated appearance. As a result, the joint venture had a somewhat muted start. Nonetheless, Renault managed to gain a solid footing in India with subsequent models, particularly the Duster and Kwid, which found success in the Indian market.

Renault Units Sold in September 2024
Sales – 3,217 units (up 4.51% y/y)
Revenue – INR 8,000+ crore
Employees – 10,000+

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Conclusion

This compilation of the biggest automobile companies in India is derived from their annual sales volumes in September 2024. Given the dynamic nature of the market, these rankings are subject to change as new data becomes available. Notably, a distinct feature of the Indian automotive landscape is that three major automobile companies in India collectively command nearly 70% of the passenger vehicle sales, which is a unique phenomenon when compared to other significant car markets. It remains to be seen whether this structure will persist in the future. Stay tuned for further updates in this domain.

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