Passenger Vehicles Market in India to Expand at 16.8% CAGR Till 2023
Research on Global Markets released a new report on the passenger vehicles market in India, which states that the market is projected to expand at a compound annual growth rate (CAGR) of 16.8% during the 2018-2023 period.
India is the fifth-largest automotive industry in the world. The production of passenger vehicles is expected to expand at a CAGR of 8.7% from 2015 to 2023, driven by increasing exports, and aggressive pricing policies of the market players. According to Research on Global Markets’ analysts, the factors driving the demand for passenger cars in India are an increasing working population, and rise in the income of the middle class.
According to the report, the market size of the passenger cars segment shows a consistent year-on-year (YoY) growth of 1%, based on units, between FY 2011 and FY 2017. Further, the segment is estimated to expand at a YoY rate of 11.6% during the period of FY 2017-FY 2026.
The report, ‘Passenger Vehicles Market in India (2018-2023)’, also highlights the considerable expansion in the number of utility vehicle units produced. The volume of utility vehicles has grown from 3,24,000 units in FY 2011, to 7,62,000 units in FY 2017, expanding at a CAGR of 15.3%.
In terms of exports, Mexico was stated to be the largest destination of Indian passenger vehicles. In FY 2017, the highest number of imports was recorded from the United Kingdom (U.K.), followed by Germany and Sweden.
Research on Global Markets tracks the performance of the passenger vehicles market in India based on regions (North, South, East, and West), and states. The western zone of India (Punjab, Uttar Pradesh, Haryana, Rajasthan, Gujarat, Goa, and Maharashtra) recorded the highest sale of passenger vehicles (30%) during April-June 2018.
Key highlights of this report:
- Domestic sale of passenger vehicles - market size and growth forecast - volume-wise (FY 2015-FY 2023e)
- Production of passenger vehicles - market size and growth forecast - volume-wise (FY 2015-FY 2023e)
- Historical market size and growth of passenger cars - volume-wise (FY 2011-FY 2017)
- Forecasted market size and growth of passenger cars - volume-wise (FY 2017-FY 2026e)
- Qualitative analysis of the drivers and challenges affecting the market
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Category-wise market share - based on type - percentage split (2018)
- Passenger cars
- Utility vehicles
- Category-wise market share - based on fuel - percentage split (2018)
- Region-wise sales - percentage split (2018)
- North Zone
- East Zone
- West Zone
- South Zone
- State-wise sales - percentage split (2018)
- Uttar Pradesh
- Tamil Nadu
This report has been formulated and designed with the purpose of giving businesses a concise understanding about the demand for passenger vehicles in India, to determine the viability of the market, develop strategies based on the drivers, and help brands identify competition and respond accordingly.