The Registrations of Toyota vehicles in India attained a value of 76,111 Units in 2020
The indicator recorded a historical decline (CAGR) of 18% between 2017 to 2020, and is expected to grow by...
GlobalData projects the indicator to decline at a CAGR of...
Vehicle industry in India post pandemic
The Indian car manufacturing industry has fluctuated between growth and decline in value and volume terms in recent years. The industry suffered a particularly steep decline in 2020 amid the COVID-19 pandemic. The industry looks set to recover in the forecast period. A key feature of the Indian industry during the historic period was the Indian government’s sudden decision to announce demonetization. The economic alarm that was ignited as a consequence of the government’s actions ultimately struck the country’s car manufacturing industry, as the sale of cars hit a 16-year low in December 2016. Though sales have recovered, it was on the back of heavy discounts in order to boost demand. As such, even though volume consumption levels recovered in the aftermath of the demonetization, the value of the market was not able to grow at the same pace.
Toyota Motor Corp (Toyota) designs, manufactures, and sells passenger cars, minivans, buses, trucks, specialty cars, recreational and sport-utility vehicles. The company provides financing to dealers and customers for purchase or lease of vehicles. The company is also involved in housing, financial services, telecommunications, and information technology businesses. Toyota’s financial services include retail leasing, retail financing, insurance, and wholesale financing. It operates across the Americas, Europe, Africa, Asia Pacific, and the Middle East. Toyota is headquartered in Toyota City, Aichi, Japan.
Products & Services
Its products and services widely range into Compact cars, Passenger cars, Recreational vehicles, Sport-utility vehicles, Minivans, Trucks, Buses, Parts & Accessories, Vehicle Finance and Equipment Leasing.
Its major brand is constituted by Lexus, Toyota, and HINO.
Situation in European market
Sales revenues in Europe decreased due primarily to the vehicles decrease in vehicle unit sales compared with the prior fiscal year, driven by COVID-19 related lower industry volume, partially offset by higher net pricing and favorable series and option mix.
Cost Reduction Efforts
These cost reduction efforts related to ongoing value engineering and value analysis activities, the use of common parts resulting in a reduction of part types and other manufacturing initiatives designed to reduce the costs of vehicle production. The amount of the effect of cost reduction efforts includes the impact of fluctuation in the price of steel, precious metals, non-ferrous alloys including aluminum, plastic parts and other production materials and parts.
Corporate Strategy
Toyota strives to offer products and services that meet the needs in each market and focuses on leading the market with technological development. The company aims for increasing product appeal by improving design and offering new models according to individual market needs. Toyota aims to offer vehicles globally, which will address the needs of today and of tomorrow at affordable prices. To this end, in June 2021, the company launched its redesigned Land Cruiser, a new sport utility vehicle (SUV). This vehicle is redesigned to provide a good riding experience, allowing the driver to drive with ease on any type of road in the world without tiring easily. It also launched the Proace Electric and Proace Verso Electric vehicles and refined 7-seater Highlander hybrid vehicle in Europe. The company aims at developing a system that is capable of providing optimal supply of products in the global market.
The company proposes to optimize existing production capacities and manufacturing expertise. It seeks to improve productivity at existing plants in. Expansion of production capacities across emerging markets is expected to improve supplies.
Vehicle registration scenario
Toyota has remained consistent in sixth position in total vehicle registrations in India from 2015 to 2020. However, GlobalData predicts its ranking to remain consistent or improve during the forecasted period.
Japan
United States of America
Netherlands
Germany
Japan
South Korea
China
South Korea
Japan
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer