With sales of 254,556 units in CY2022, Kia records 40% YoY growth in India, which is one of the Korean carmaker’s fastest growing overseas markets; Seltos sales in India contribute over 30% to global sales of the SUV.
Kia India, one of the country's fastest-growing carmakers and among the OEMs who helped power the Indian passenger vehicle market to a record 3.8 million units in CY2022, has also notched its best-ever sales in a calendar year. With cumulative 12-month sales of 254,556 units in the domestic market, the Korean carmaker registered strong year-on-year increase of 40% (CY2021: 183,604 units).
What has helped Kia India is its utility vehicle-focused model range comprising the midsize Seltos SUV, Sonet compact SUV, the Carens and Carnival MPVs and the recently launched all-electric EV6 crossover SUV. The Seltos midsize SUV, its best-selling product, sold 101,569 units, accounting for 40% of total sales. The compact Sonet SUV with 86,251 units contributed 34% and the Carens MPV packed quite a punch with 62,756 units in its first full year of sales. Given the sustained demand for these three Kias, it is not surprising that they are regulars in the India Top 10 UVs list. Meanwhile, adding to Kia’s overall numbers, the Carnival MPV and the all-electric EV6 sold 3,550 and 430 units, respectively in 2022.
Growing contribution to Kia's global sales
Since its market entry in August 2019 with a single product, Kia India is now a formidable player in India’s passenger vehicle market with five products – the Seltos midsize SUV, Sonet compact SUV, Carnival and Carens MPVs and the EV6 electric crossover – it has an around 13.5% utility vehicle share and is ranked fifth in the overall passenger market of 15 players.
This strong market performance is reflected in Kia India’s growing contribution to its parent company’s global sales.
For Kia, India is now a jewel in its crown and the past three years have seen the Indian operations increase their contribution to the Korean carmaker’s global sales. In the just-ended CY2022, Kia India with 254,556 units (up 40%) accounts for 8.76% of Kia’s global sales of 2,903,619 units (up 4.6%). This is a further increase over the 6.61% and 5.45% contribution to Kia’s global sales in 2021 and 202o respectively (see data table below). Seen over the three-year period, total Kia India’s domestic market sales account for 7% of Kia’s worldwide sales of 8.2 million units, rather good going for a carmaker which entered the Indian market only less than four years ago.
The importance of India grows when seen in as a Kia overseas market. Kia India’s CY2022 sales account for 11% of Kia’s overseas markets, up from the 8.19% in 2021 and 6.91% in 2020. Key global markets for Kia include the US, Europe, Asia-Pacific, India, and Central and South America regions.
There’s another growth story too from the India-market perspective. The Seltos, which is Kia India’s best-selling product and Kia Global’s second bestseller after the Sportage SUV, accounts for over 30% of global sales of the product. Over three years, the Seltos has sold nearly 300,000 units in the Indian market and contributed to 31.65% of total global sales of 937,283 units since CY2020.
In 2023, Kia is targeting global sales of 3.2 million units. By region, Kia expects to sell 585,120 units in Korea and 2.61 million vehicles overseas. It will surely be banking on Kia India to deliver the goods once again this year.
Hardeep Singh Brar, VP and Head- Sales & Marketing, Kia India said, “CY 2022 has turned out to be the best-ever year for Kia India. Despite various headwinds like geopolitical issues, Covid-induced supply chain obstructions and price increase, we managed to register the highest sales ever for the brand in the country. The outlook for 2023 is bright and it will be our endeavour to continue to focus on the ever-changing needs of our evolved customers and to bring to them our new-age mobility solutions.”
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