At a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030, Future of Automotive in India are predicted to reach 6.0 million units in 2030 from 4.1 million units in 2023. At a compound annual growth rate (CAGR) of 5.7%, the India automotive (PV+CV) market is projected to increase from 5.1 million units in 2023 to 7.5 million units in 2030.
A rapidly growing middle class with more disposable income, the quick uptake of shared mobility, the introduction of reasonably priced cars with attractive design elements, and the government’s aggressive pursuit of policies to increase domestic auto production and build a strong automotive supply chain are the main drivers of India’s automotive industry’s future. Additionally, sales of electric vehicles have rapidly increased.
“It is projected that the market for electric, hybrid, and CNG vehicles will grow significantly until 2030.”
The Indian government has been supporting battery electric vehicles, hybrids, and CNG as ways to achieve its goal of cleaner fuels. Tax incentives at the supplier level, the customer level, or both are being offered as appealing incentives to promote BEVs. In contrast, CNG and hybrid vehicles give a significantly greater range per unit of fuel, which makes them an appealing option for many consumers even though they lack incentives.
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“Car sales were utilized to become a high growth area.”
India’s used automobile market is predicted to continue to develop rapidly until 2030, making it a high growth area for the country’s automotive industry going forward. Cost effectiveness and expanding fleets of passenger cars for shared mobility companies are some of the factors driving the increase in used automobile sales. The market for used cars is still primarily unorganized, but it is becoming more organized as more established automakers and new startups enter the market. Since internet platforms are increasingly being utilized to buy old cars, digitalization is anticipated to play a significant part in this.
“In India, SUVs account for the majority of PV sales and are predicted to continue to consolidate.”
In the Indian market, SUVs are becoming the most popular passenger vehicles. SUVs are preferred as passenger cars in the Indian market because they offer more space than hatchbacks and are better adapted to Indian traffic conditions. SUVs currently make up around half of PV sales in India as of 2023, and as they gradually wrest market dominance away from conventional hatchbacks and sedans, they are expected to reach 60% market penetration by 2030.
Key Players
Maruti Suzuki (India), Hyundai (South Korea), Tata Motors (India), Mahindra and Mahindra (India), Kia (South Korea), Volkswagen (Germany), Toyota (Japan), and so forth are the leading automakers in the market. ABB, Siemens, Bosch, and other companies also provide technological development support to the automotive industry. To get traction in the automobile market, these businesses used partnerships, acquisitions, collaborations, new product releases, and other crucial tactics. These leading OEMs are driving India’s automotive industry forward.
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