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Indian passenger car market: growth trends and outlook
OEMs sales analysis, EV sales trends, and government initiatives
2024/12/23
Table of contents
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Summary
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Passenger cars segment performance in 2023-2024
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OEM analysis of passenger car market
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CNG vehicles and their adaptability
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Electric vehicle sales in India
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Luxury vehicles sales market in India
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Government stimuli for the automotive industry and e-mobility
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2024 and medium-term trends in the passenger car market
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Performance of the auto component industry
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GlobalData Production Forecast: Indian production expected to be 6.26 million units in 2027
Summary
2023 marked a significant milestone for passenger vehicle sales in India, with the country recording over 4 million units sold. It was the third consecutive year of growth, solidifying India's position as the world's third-largest car market. This performance reflects India's recovery from the COVID-19 pandemic.
In 2023, the Indian passenger vehicle car market experienced notable growth, despite rising fuel and car prices, increasing interest rates, and unfavorable foreign exchange fluctuations. It is driven by a strong demand. This was further supported by a wave of new launches in the increasingly popular SUV segment.
Additionally, the easing of supply constraints helped strengthen production and delivery capabilities. Several OEMs also reported a significant increase in exports, further contributing to the positive momentum in the automotive sector.
The report provides an overview of the Indian passenger car market's performance in 2023-24, including an analysis of OEMs, government support for the automotive industry, and a sales forecast from GlobalData.
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| Passenger vehicle sales in India (Source: MarkLines Data Center) |
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