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Future of Automotive in India worth 6.0 million units by 2030 | MarketsandMarkets

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MarketsandMarkets

29 Jan, 2025, 11:30 GMT

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DELRAY BEACH, Fla., Jan. 29, 2025 /PRNewswire/ -- The Future of Automotive in India  (PV+CV) is expected to grow from 5.1 million units in 2023 to 7.5 million units in 2030, at a CAGR of 5.7%, according to a new report by MarketsandMarkets. Indian passenger vehicle sales were 4.1 million units in 2023 and are expected to reach 6.0 million units in 2030, at a CAGR of 5.6% from 2023 to 2030. 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.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=219650907

Browse in-depth TOC on "Future of Automotive in India"
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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.

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 platform 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 Market Players Future of Automotive in India Industry:

Prominent players in the Future of Automotive in India Companies include as 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.

Get 10% Free Customization on this Report:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=219650907

This report provides insights on:

  • Analysis of high growth area (Electrification, rising adoption of SUVs and E-SUVs, rise in used cars sales, India as global chauffeur capital etc).
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the automotive market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the automotive market across varied regions.
  • Market Diversification: Exhaustive information about the diversification of supply chains, untapped geographies, recent developments, and investments in the automotive market
  • Competitive Assessment: Assessment of market shares, growth strategies, and service offerings of leading players across light vehicle segments, which are then further divided into ICE and electric, among other automotive market strategies. The report also helps stakeholders understand the autonomous vehicle market's pulse and provides information on key market drivers, challenges, and opportunities.

Related Reports:

Electric Vehicle

SUV Market

Global Automotive Outlook- 2025

Get access to the latest updates on Future of Automotive in India Companies and Future of Automotive in India Industry Growth

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr.
Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/

Logo: https://mma.prnewswire.com/media/1868219/MarketsandMarkets_Logo.jpg

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