The India automotive (PV+CV) market is expected to grow from 5.1 million units in 2023 to 7.5 million units in 2030, at a CAGR of 5.7%.
The future of automotive in India is driven by a rapidly increasing middle class with higher disposable incomes, fast adoption of shared mobility, the launch of affordable cars with lucrative design features, and the government actively pursuing policies for boosting automotive manufacturing and developing a robust automotive supply chain within the country. Also, Electric vehicles have also experienced fast increase in sales
“Electric, Hybrid & CNG vehicles are anticipated to witness significant growth till 2030”
Indian government has been pushing for cleaner fuels for achieving which includes promoting battery electric vehicles, hybrids and CNG. BEVs are being promoted via providing attractive incentives either at supplier level or tax incentives at customer level or both. On the other hand, CNG and hybrids although don’t have incentives but offer a much higher range per unit of fuel which makes hybrids and CNG vehicles an attractive proposition for many customers.
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“Used car sales to become a high growth area”
India has seen a rapid rise in used car sales in the past few years and this is expected to rise further till 2030, hence considered as a high growth area in the Future of Automotive in India. The rise in used car sales is driven by factors like cost efficiency, growing passenger car fleets for shared mobility players etc. The used car market remains largely an unorganised market with many new startup players and existing car OEMs entering into this market thus pushing the sector towards a more organised form. Digitalisation is expected to play key role in this as online platforms are becoming more and more prevalent in purchase of used cars.
“SUVs lead the PV sales in India and expected to consolidate further”
SUVs have become the most sold passenger vehicle in the Indian market. SUVs provide better space compared to hatchback, are better suited for Indian road conditions which makes them a prime preference as passenger vehicles in the Indian market. SUVs now account for ~50% of PV sales in India in 2023 and are projected to reach 60% market penetration by 2030 as it increasingly captures market share from traditional hatchbacks and sedans.
Key Players
The top automobile OEMs in the market are Maruti Suzuki (India), Hyundai (S.Korea), Tata Motors (India), Mahindra and Mahindra (India), Kia(S.Korea), Volkswagen (Germany), Toyota (Japan) and so on. The other companies that support the automobile industry with technology development are ABB, Siemens, Bosch and others. These companies adopted new product launches, acquisitions, partnerships, collaborations, and other key strategies to gain traction in the automotive market. Future of automotive in India is led by these top OEMs.
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