India Automotive Market (2023-2029) | Size, Industry, Outlook, Share, Growth, Revenue, Forecast, Analysis, Trends, Value, Segmentation & COVID-19 IMPACT

Topics Covered in India Automotive Market Report

India Automotive Market report thoroughly covers the market by product type. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Automotive Market Synopsis

India Automotive Market is attaining prominent growth as it has always been one of the most significant markets of the country and is driven by several key factors such as rising middle class as well as rising disposable incomes. Rising urbanization and enhanced infrastructure also contribute to the fastest progression of the market in the country and it will continue to remain one of the most prominent markets in future.

According to 6Wresearch, the India Automotive Market size is anticipated to significantly at a CAGR of 8.9% during the forecast period 2023-2029. The Indian automotive sector is one of the fastest-rising sectors not just in India but in the world, driven by a combination of factors as well as confronting a unique set of challenges. On the driver's side, India's burgeoning middle class as well as growing disposable incomes have led to a demand for personal vehicles, such as two-wheelers and passenger cars. In addition, urbanization and improved infrastructure also contribute to a growth in the requirement for commercial vehicles, including trucks as well as buses, to support logistics and transportation. Government initiatives such as "Make in India" and favourable policies attract significant investments from both domestic as well as international automotive manufacturers, which is boosting production and innovation. However, the automotive sector in India also confronts several challenges. One of the most significant challenges is environmental concerns, including carbon emissions and air pollution, which is leading to stricter emission norms as well as a push towards electric vehicles (EVs). Environment challenges can pose India advertising market growth.

COVID-19 Impact on India Automotive Industry

The pandemic majorly impacted the automotive market in the country which is a vital part of the Asia Pacific automotive market. In the early stages of the pandemic, economic uncertainties and strict lockdown led to a sharp decline in automotive production and sales. With a number of restrictions on movement and economic slowdown, the demand for automobiles, particularly non-essential vehicles, plummeted and this resulted in inventory backlogs as well as financial strain on manufacturers and dealerships. In addition, disruptions in the global supply chain on the back of the lockdowns and restrictions in many nations hampered the production of automotive components, which led to delays in manufacturing processes. The automotive sector, which depends heavily on a complex network of suppliers, confronted challenges in sourcing critical parts.

Key Players of the Market

There is no doubt that the Indian automotive sector is a highly competitive and dynamic with several companies making key contributions. Some of the key companies in this sector include Mahindra & Mahindra, Tata Motors, Hyundai Motor India, Honda Cars India, and Maruti Suzuki India Limited, and Tata Motors, is one of the oldest manufacturers in the country, which produces a wide range of vehicles, from passenger cars to commercial trucks.

Automotive Market in India: Government Initiatives

The India automotive market is subject to many government regulations designed maintain safety, industry standards and emission control. One essential set of regulations is the Bharat Stage (BS) emission standards, which is aligned with European Union norms, and it mandates the permissible levels of pollutants emitted by the vehicles. The implementation of BS-VI standards marked a key leap forward, substantially reducing vehicular emissions as well as aligning India with global environmental standards. In addition, the Government of India is actively promoting electric mobility via the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme. This provides incentives for the adoption of electric as well as hybrid vehicles, which inspire the automotive industry to invest in and develop eco-friendly technologies. Safety standards have also been a key central concern, with initiatives such as the Bharat New Vehicle Safety Assessment Program (BNVSAP) aims to improve vehicle safety features and crashworthiness.

Indian Automotive Market Size

The Indian automotive industry had been steadily growing. In the fiscal year 2020-21, the industry had experienced significant difficulties owing to the COVID-19 pandemic, which resulted in a temporary slowdown and it slowed down the productivity of the market which directly affected the market size in negative ways. However, prior to the pandemic, the Indian automotive market was showing consistent progression, driven by factors like growing disposable incomes, urbanization, as well as a rising middle-class population. The market is currently propelling as it is one of the most prominent markets in the country since it plays a crucial role in the lives of people and in the economy of the country.

Market by Product Type

According to Ravi Bhandari, Research Head, 6Wresearch, electric vehicle (EV) segment is anticipated to rise more significantly in the market in the near future due to the rising environmental concerns, government incentives as well as subsidies for electric vehicles, and a rise in awareness of the advantages of electric mobility. Major automakers in the country had been actively introducing electric cars, there was a surge in consumer interest which helps in boosting India Automotive Market Growth.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

 

Key Highlights of the Report

• India Automotive Market Outlook
• Market Size of India Automotive Market, 2022
• Forecast of India Automotive Market, 2029
• Historical Data and Forecast of India Automotive Revenues & Volume for the Period 2019 - 2029
• India Automotive Market Trend Evolution
• India Automotive Market Drivers and Challenges
• India Automotive Price Trends
• India Automotive Porter's Five Forces
• India Automotive Industry Life Cycle
• Historical Data and Forecast of India Automotive Market Revenues & Volume By Product Type for the Period 2019 - 2029
• Historical Data and Forecast of India Automotive Market Revenues & Volume By Electric for the Period 2019 - 2029
• Historical Data and Forecast of India Automotive Market Revenues & Volume By Hybrid Electric for the Period 2019 - 2029
• Historical Data and Forecast of India Automotive Market Revenues & Volume By Plug-In Hybrid Electric for the Period 2019 - 2029
• Historical Data and Forecast of India Automotive Market Revenues & Volume By Mild Hybrid for the Period 2019 - 2029
• Historical Data and Forecast of India Automotive Market Revenues & Volume By Natural Gas for the Period 2019 - 2029
• Historical Data and Forecast of India Automotive Market Revenues & Volume By Fuel Cell Electric for the Period 2019 - 2029
• Historical Data and Forecast of India Automotive Market Revenues & Volume By Diesel for the Period 2019 - 2029
• Historical Data and Forecast of India Automotive Market Revenues & Volume By Petrol for the Period 2019 - 2029
• India Automotive Import Export Trade Statistics
• Market Opportunity Assessment By Product Type
• India Automotive Top Companies Market Share
• India Automotive Competitive Benchmarking By Technical and Operational Parameters
• India Automotive Company Profiles
• India Automotive Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product Type

• Electric
• Hybrid Electric
• Plug-In Hybrid Electric
• Mild Hybrid
• Natural Gas
• Fuel Cell Electric
• Diesel
• Petrol

India Automotive Market: FAQs