ll-year sales for fiscal year 2025 increased by 8.0% y/y to JPY 6.3 trillion, while operating profit decreased by 3.1% to JPY 622.9 billion, resulting in an operating profit margin of 9.9%. Amid a more active market environment than anticipated, driven by the revision of the Goods and Services Tax (GST) in India, sales remained strong due to a swift response to increased demand, leading to increased revenue. Conversely, rising raw material costs ...

Market & Tech Reports  Updated at: 2026/05/27

ng the gains amidst domestic weakness. With the April selling rate falling to 1.7 mn units/year, this brings YTD growth to 4.5% YoY with 555k units sold so far. India’s LV sales expanded 25.2% YoY to 504k units in April, for a selling rate of 6.18 mn units/year. This is the highest rate since the GST-reduction-boosted demand of October 2025, which makes April the second highest selling rate month on record in the market. The impressive result w...

Market & Tech Reports  Updated at: 2026/05/22

e, including 1.92 million electric two-wheelers. As on February 5, 2026, a total incentive amount of INR 11.82 billion has been reimbursed to the OEMs by the Ministry for 1.44 million electric two-wheelers under the PM E-DRIVE Scheme. Tax benefit and subsidies  The electric two-wheelers attract 5% GST in India, which is significantly lower than 18 to 40% GST on ICE two-wheelers. The GST rate on EV charging infrastructure is 5%. Most of the state...

Market & Tech Reports  Updated at: 2026/04/08

India grew 9.8% y/y to 420,000 units (down 8.3% m/m). BEV sales totaled 17,000 units.   According to the Federation of Automobile Dealers Associations (FADA) of India, passenger car retail sales in February increased by 26.1% to 395,000 units. Driven by the reduction in the Goods and Services Tax (GST), demand continues to grow steadily, with a 21.1% increase in sales in urban areas, mainly for SUVs and utility vehicles (UVs), and a 34.2% increa...

Market & Tech Reports  Updated at: 2026/03/27

BEVs, up to THB 100,000 • The excise tax is reduced. Customs duty: Import tax on CBU vehicles is exempted by up to 40%.Thailand implements new vehicle excise tax structure from January 2026 (Jan 13, 2026)Thailand: Tax Incentives for PHVs, HVs, and MHVs in addition to EVs (May 2025) India • GST (Goods and Services Tax) reduction.• In Delhi, there is a 100% exemption from road tax and registration fees, and each state provides additional...

Market & Tech Reports  Updated at: 2026/02/09

ry norms such as OBD-II Phase B has led to increase vehicle cost. The segment is also impacted by unrest in some key export markets and increased geopolitics.  Rising costs and strong competition, especially in electric two-wheelers, continue to impact growth.   In the current financial year, the GST rate cut, lower interest rates, better liquidity, reduction in inflation, favourable government policies, new models, a good monsoon, increasing r...

Market & Tech Reports  Updated at: 2026/01/30

lecting an increase of 29.1% y/y (down 1.9% m/m), and for the full year of 2025, sales were 4.557 million units, reflecting an increase of 5.9% y/y.   New vehicle sales in India continued to show double-digit year-on-year growth for the third consecutive month. The revision of the value-added tax (GST), effective September 22, 2025, lowered tax rates, particularly for small cars, and increased the affordability of vehicle prices, which stimulate...

Market & Tech Reports  Updated at: 2026/01/26

20,000 units, reflecting a decrease of 19.5% y/y (down 10.2% m/m).   According to the Federation of Automobile Dealers Associations of India (FADA), November 2025 saw a robust performance, bucking the usual slowdown after the festive period. Growth in the passenger vehicle segment was supported by GST reform, demand during the wedding season, improved supply of models with longer lead times and the continued positive impact of small SUVs. Invent...

Market & Tech Reports  Updated at: 2025/12/26

e sold with engine displacement and body sizes that meet the upper limits of the standards. Minicars are taxed differently from registered vehicles (standard cars and compact cars), with automobile and weight taxes set lower than for registered vehicles.   The Indian government has implemented new GST (Goods and Services Tax) rates from September 22, 2025. Cess (an additional tax in India levied to fund specific government initiatives) will be e...

Market & Tech Reports  Updated at: 2025/12/26

tariffs on USMCA-compliant vehicles from Mexico and Canada.  India   New vehicle sales in October were 468,000 units, reflecting an increase of 16.2% y/y (up 26.7% m/m).   According to the Federation of Automobile Dealers' Associations of India (FADA), the revision of the Goods and Services Tax (GST) to reduce the tax rate on small cars effective September 22, which has increased affordability, has led to a recovery in demand for passenger car...

Market & Tech Reports  Updated at: 2025/11/26

Indian market 5-year forecast: New car sales to exceed 6 mn units in 2030 Passenger car market analysis: segment structure, sales volume by OEM Summary GlobalData Sales Forecast: India’s light vehicle sales to exceed 6 million units in 2030 2025 and medium-term trends in the passenger car market Reduction in GST for the automotive sector Passenger cars segment performance in 2024 Passenger car market segment structure OEM analysis of passenger ...

Market & Tech Reports  Updated at: 2025/11/20

Government has worked towards an increase in demand for passenger cars, promotion of electric mobility, introduction of new technologies, and attracting new investment in this segment. The Government is also working towards the revival of the mini and small car segment, which is evident from recent GST tax reduction and relaxation in CAFÉ regulations.   Electric vehicle (EV) sales continue to accelerate but need to gain further traction to gain...

Market & Tech Reports  Updated at: 2025/11/19

highest number ever. India   New vehicle sales in September were 369,000 units, reflecting an increase of 1.7% y/y (up 10.6% m/m).   According to the Federation of Automobile Dealers' Associations of India (FADA), sales were slow through September 21 but surged after the Goods and Services Tax (GST) reduction took effect. The reduction in GST and promotional measures ahead of the festive season have stimulated consumer purchasing appetite, le...

Market & Tech Reports  Updated at: 2025/10/27

d affiliate of Sumitomo Corporation. The company has OPW (One-Piece-Woven) or jacquard weaving technology that is an integrated, three-dimensional weaving technique that requires no sewing. There are eight suppliers of OPW cushions worldwide (SAS, Toyota Boshoku Corporation, Global Safety Textiles (GST), Kolon Industries, Inc., HMT New Technical Materials Co., Ltd. (HMT), Elevate Textiles Inc., Dual Co., Ltd. of Korea, and Indorama Ventures Mobil...

Market & Tech Reports  Updated at: 2025/10/27

l event of the Automotive Component Manufacturers Association of India (ACMA), the apex body of the Indian auto component industry. This year, the event discussed challenges from geopolitical disruptions, trade barriers, carbon taxes, and reliance on imports of critical materials. The impact of the GST cut on the industry was also highlighted.  There are several factors which can accelerate the industry. It includes rising domestic demand, growi...

Market & Tech Reports  Updated at: 2025/10/09

ssenger vehicle segment started off strong in early August with robust enquiries and bookings for festivals, but momentum faltered in the second half of the month as many customers postponed purchases in anticipation of lower prices following the announcement of a cut in the Goods and Services Tax (GST) rate. In some areas, heavy rains and flooding caused a drop in store traffic. Supply imbalances for high-demand models and aggressive targets set...

Market & Tech Reports  Updated at: 2025/09/26

, causing stock indexes to fall and the rupee to weaken, which could curb consumer confidence and discretionary spending (on vehicles, etc.) due to higher savings and import costs.   To stimulate demand for entry-level models, the Indian government is expected to reduce the Goods and Services Tax (GST) on small gasoline and diesel vehicles under four meters in length and with engine displacements under 1,200cc and two-wheelers under 350cc from 2...

Market & Tech Reports  Updated at: 2025/08/26

hey also procure some product from Japanese cushion suppliers such as Sumisho Airbag Systems Co., Ltd. and Seiren Co., Ltd. (See Analysis Report: Airbag (Japanese Market) for an overview of Japanese airbag cushion suppliers.) Other independent overseas suppliers include Global Safety Textiles GmbH (GST) of Germany (see below) and Dual Co., Ltd. of Korea, which are engaged in cushion sewing as well as base fabric production. Other cushion supplier...

Market & Tech Reports  Updated at: 2025/04/24

ing up prices. With the limited development of small cars and the rising prices of SUVs, more people are turning to the used car market as an affordable alternative. High taxes on Indian cars   India levies significant taxes on automobiles, among the highest globally. A 28% Goods and Services Tax (GST) is imposed on all new vehicles, with an additional cess ranging from 3 to 22%. This can result in an effective tax rate of up to 50%. However, cl...

Market & Tech Reports  Updated at: 2024/12/23

od affiliate of Sumitomo Corporation. The company has OPW (One-Piece-Woven) or jacquard weaving technology that is an integrated, three-dimensional weaving technique that requires no sewing. There are seven suppliers of OPW cushions in the world (Sumisho Airbag Systems, Global Safety Textiles GmbH (GST), Kolon Industries, Inc., HMT (Xiamen) New Material Technology Co., Ltd. (HMT), Elevate Textiles, Inc., Dual Co., Ltd. of Korea, and Indorama Vent...

Market & Tech Reports  Updated at: 2024/09/12