Indian passenger car sales rank third globally in 2022
New model launches and pent-up demand lead the passenger car market to best-ever sales
2023/09/19
- Summary
- Passenger cars sales in 2022
- Passenger car market segment structure
- OEM analysis of passenger car market
- Government stimuli for the automotive industry and e-mobility
- Schemes for electrification and eco-friendly vehicles
- Regulations: BS-VI OBD 2 emission standards, and Bharat NCAP
- Medium-term trends in the passenger car market
- Sales Forecast by GlobalData (formerly LMC Automotive): Indian light vehicle sales will reach 5.05 million units in 2026
Summary
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| Passenger Vehicle sales in India (Source: MarkLines Data Center) |
India is one of the fastest-growing automotive markets in the world. In 2022, India became the third-largest car market in the world after China and the US despite the industry recovering from the COVID-19 pandemic and its after-effects. The automotive sector contributes around 7% of the Indian GDP. The automotive segment in India provides direct and indirect employment to over 19 million people.
During the year, the passenger car segment sales volume reached the pre-pandemic level due to such factors as improved consumer sentiments, normalization of the economy after COVID-19, new launches, favorable government policies, and easing of supply chain bottlenecks. However, the industry also encountered several unfavorable factors including semiconductor shortages, high taxes and volatile fuel prices, slow growth of charging infrastructure, increase in raw materials costs and inflation.
This report is divided into two parts and examines market performance, analysis of government policies, electric vehicle promotions by the Indian Government, major announcements related to investment and e-mobility by OEMs, and forecasts for upcoming years.
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