Last updated on February 10, 2023
The automotive industry is among the largest employment generators not just in India but also globally. Apart from direct jobs in car manufacturing, it generates many more jobs in ancillary production. The stats are whopping for India as well with the industry accounting for 6.4% of the country’s GDP and creating over 80 lakh direct jobs. The domestic market has a flourishing automobile industry with several major global players producing in India. Here, we have compiled a list of the top automobile companies in India.
On a related note, 2022 was a watershed year for the Indian auto industry as it surpassed Japan and Germany to become the third-largest automobile market in the world by sales volumes. According to a recent study, it is also the fourth-largest country in the world by value. The value of the most prominent automobile manufacturers in India is likely to grow multifold as vehicle penetration steps up in the country.
This list of top automobile companies in India is based on sales volumes in CY 2022.
Read Also: Nifty Auto Index – Check the full list of important constituents
1 Maruti Suzuki India
Maruti Suzuki is the market leader in India’s passenger automobile sector. Established as a joint venture (JV) in 1982 between the Government of India and Suzuki Motor Corporation (SMC), the company has evolved to dominate over 40% of the local market for a long period now. There are few parallels in the automotive world of this sort of market share win. No wonder that it occupies the top spot in the list of most prominent automobile manufacturers in India.
The company operates manufacturing facilities in the states of Haryana and Gujarat with annual capacity of 22.5 lakh units. Maruti Suzuki has forged a global alliance with Toyota which has been greatly beneficial for it from export perspective.
Maruti Suzuki in numbers (2022)
Sales – 15,76,025 units (up 15.48% y/y)
Revenue – INR 88,296 crore
Market Cap – INR 2,69,075 crore
ROCE – 8.95%
Employees – 16,025
Read Also: Biggest Unlisted Companies in India
2 Hyundai Motor India
Next in the list of biggest automobile companies in India is Hyundai which entered the domestic market in 1996. The Korean giant debuted with its Santro small car and hasn’t looked back since then. Today, it offers a wide portfolio of not just hatchbacks but also SUVs, sedans and even electric vehicles at competitive price points. It had a market share of 14.5% in India’s passenger vehicle sales in 2022.
Hyundai India in numbers (2022)
Sales – 5,52,511 units (up 9.40% y/y)
Revenue – INR 47,043 crore
Employees – 10,000
3 Tata Motors – Indigenous among best Indian car companies
Tata Motors is one of the top automobile companies in India with a market share of 13.9% in 2022 (passenger vehicle sales). Earlier known as Tata Engineering and Locomotive Company Ltd. (TELCO), the company in its present form is the brainchild of Ratan Tata who envisioned a diversification from commercial vehicles and launched Indica hatchback in 1998.
Although initially besotted with numerous issues, Tata Motors overcame the challenges and even added prized possessions in the form of Jaguar and Land Rover brands.
Tata Motors in numbers (2022)
Sales – 5,26,798 units (up 59.07% y/y)
Revenue – INR 47,263.68 crore
Market cap – INR 1,62,302 crore
Employees – 50,837
Read Also: Undervalued Auto Ancillary Stocks
4 Mahindra & Mahindra (M&M)
Next among most prominent automobile manufacturers in India is M&M which is also a homegrown automaker. Originally a farm tractor producer, M&M has come to be known for its sturdy vehicles. Nevertheless, the company doesn’t believe in specialization and produces everything under the sun which has wheels. This includes scooters, motorcycles, three wheelers, passenger cars, commercial vehicles and agricultural tractors.
Jokes apart, the company has evolved in an impressive way, thanks to a renewed focus on comfort and design following acquisition of Pininfarina design studio.
M&M in numbers (2022)
Sales – 3,35,088 units (up 66.14% y/y)
Revenue – INR 27,038.82 crore
Market cap – INR 1,70,255 crore
ROCE – 11.3%
Employees – 100001+
5 Kia Motors
Kia India Private Limited is a subsidiary of Kia Motors for its operations in India. Globally, Kia is an affiliate of Hyundai and thus, it gained massive amount of market intelligence and local expertise when it decided to setup shop in the domestic market. Kia started production in July 2019 at its Anantapur plant in the state of Andhra Pradesh.
Despite its late entry in India, Kia has managed to corner market share from its rivals. In 2022, it accounted for 6.7% of all passenger cars sold in India.
Kia India in numbers (2022)
Sales – 2,54,556 units (up 40.19% y/y)
Revenue – INR 500+ crore
Employees – 1,000+
Read Also: UPI Payment for IPO Investors
6 Toyota Kirloskar India
Japanese auto major Toyota is represented in India through a JV with the house of Kirloskar. The JV was established in 1997 and has since become one of the most prominent automobile manufacturers in India. Even though the company lags behind its bigger peers in sales volumes, it makes up through a rich product mix and export operations. Its Fortuner SUV and Innova MPV are the best sellers on their segments.
Toyota Kirloskar in numbers (2022)
Sales – 1,60,357 units (up 22.65% y/y)
Revenue – INR 19,563 crore
Net Profit – INR 518.8 crore
Employees – 7,000
7 Honda Cars India
Honda was one of the first Japanese automakers to enter the Indian market, setting up its operations in 1995. The automaker has two manufacturing facilities in India, located in Greater Noida, Uttar Pradesh and Tapukara, Rajasthan. Soon after its entry, the automaker launched its City sedan car in 1998, and the model has remained one of the best-selling cars in its segment since then.
Honda India in numbers (2022)
Sales – 95,022 units (up 6.61% y/y)
Revenue – INR 500+ crore
Employees – 4,765
8 Renault Motors
Renault is the only French company in this list of biggest automobile companies in India. It entered the Indian market in 2005, through a JV with M&M and the venture’s first model in the domestic market was the Renault Logan. The Logan was just a rebadged version of Renault’s Dacia division car and didn’t exactly set the sales registers on fire. The dated looks of the car also didn’t help its cause and the JV fizzled out soon. Nevertheless, Renault found its footing in India through success of subsequent models, especially Duster and Kwid.
Renault in numbers (2022)
Sales – 81,042 units (down 15.47% y/y)
Revenue – INR 500+ crore
Employees – 10,000+
Read Also: Top Paint Companies in India
9 Skoda Motors
Volkswagen-owned Skoda also makes it to the list of largest car companies in India. The Czech-brand is known for its modern and elegant designs, which appeals to Indian consumers from style and aesthetics standpoints while also not burning holes in their pockets. Although it is positioned as entry-level brand in VW portfolio, Skoda has something of a semi-premium image in India and is seen as a producer of high-quality vehicles that are reliable and safe.
Skoda in numbers (2022)
Sales – 53,721 units (up 125.17% y/y)
Revenue – INR 13,839 crore
Employees – 1,069
10 MG Motor India
MG Motor is the only Chinese automaker among the top automobile companies in India. The company was established in 2017 and started its manufacturing and sales operations in 2019. Although some Chinese models were earlier introduced under GM’s Chevrolet brand and were rather unsuccessful, MG Motor has set aside those inhibitions with its impressive performance. Nevertheless, it has a long way to go in order to challenge the top five market leaders.
MG Motor in numbers (2022)
Sales – 48,063 units (up 19.34% y/y)
Revenue – INR 500+ crore
Employees – 3,000+
As one can note, this list of biggest automobile companies in India is based on annual sales volumes in 2022. Since markets are dynamic, market standing of these automakers stand to change in sometime as fresh data is available. What sets apart the domestic market is the fact that three of the biggest automobile companies in India control nearly 70% of the passenger vehicle sales volumes. This is unheard of any other major car market. Whether this structure continues or not remains to be seen. Keep checking this space for more updates.
Biggest Automobile Companies in India – FAQs
Where does India’s automobile industry stand globally?
As of 2022, India is the third largest automobile market in the world, surpassing Japan and Germany in terms of sales volumes.
Which is the biggest automobile company in India?
Based on total sales in 2022, Maruti Suzuki leads the biggest automobile companies in India.
How many indigenous players are in top automobile companies in India?
The list includes two homegrown automakers namely Tata Motors and Mahindra & Mahindra. Although the Indian government had equity stake in Maruti Suzuki earlier, it has gradually exited the company.