India Passenger Car Market Share, Trends, Size, Industry Analysis Report, Vehicle Type (Mini, Micro, Station Wagon, Hatchback, Sedan, SUV (Sports Utility Vehicle), and (MPV) Multi-purpose Vehicle), By Engine Capacity Type (Less than 1000cc, 1000cc-1500cc, 1500cc-2000cc and above 2000cc), By Fuel Type (Electric, Petrol, Diesel, CNG, and Hybrid), and By Region, Competitive Landscape, Forecast & Opportunities, 2023-2030
The India Passenger Car Market is valued at US $ XX billion in 2022 and is expected to grow at a CAGR of XX% during the projection period.
India holds the 4th position in car manufacturing globally. In India, Passenger cars are the most convenient mode of transportation. In the recent era, the adoption of ultra-modern technologies such as ADAS, Automatic parking systems, Forward collision warning systems & Automatic braking, and increasing disposable income & easy financing options allow middle-class people to own a car boosting the market along with the rising demand for radio taxis in Tier 1 & Tier-2 cities further augments the market of passenger cars in India.
India’s passenger car market noticed sales of around 3.8 million units in FY2022. Significant after-sales & 24×7 service assistance by the majority of market players also enhance the market circumstances in rural areas of India. Government initiatives such as Make in India with favorable policies, reduction in GST rates, and considerable investments in research & development are some of the major factors raising the market. Additionally, the entry of electric vehicles (EVs) in the segment further amplifies the passenger car market in India.
Based on Vehicle Type: The SUV fragment is anticipated to arise as the largest booming vehicle type division in the passenger car market in India, assisted by the rise in the young populace, growing demand for global NCAP 5-star rating sports utility vehicles, luxury look & feel combined with mobile-based smart features like IoT, and Connected Cars. Recently, many dominant passenger car manufacturers have launched their full-size and compact SUVs, such as Toyota Hyryder, Fortuner, Maruti Suzuki Grand Vitara, etc and the entry of international brands such as KIA and MG creates tough competition in India.
In terms of Engine Capacity: Cars ranging between 1500cc to 2000cc engine capacity capture the largest market share owing to the high fuel efficiency, lower maintenance cost, and availability of a wide range of options in this category including sedans and some compact SUVs as well further boost the market. Furthermore, tax in these engine ranges along with car length is comparatively low compared to other segments.
Based on Fuel Type: The biggest car manufacturer in India Maruti now stopped using diesel engines, and shortly, Toyota and other prominent car manufacturers also take the same step to follow BSVI emission norms which directly anticipates enlarging the petrol car market. The electric car also getting large consumer attention but the lack of advancement in EV technology also battery replacement at certain maintenance intervals is very high also there is no clear vision by the government regarding subsidies on EVs restraining the market. The hybrid car also set a new trend with its advanced mechanical technology and trust boost the passenger car market in India during the forecast period.
The Passenger Car Market in India is adequately integrated, with the six significant brands holding the majority market share. The key players in this market are MG Motor, Maruti Suzuki, Volkswagen, Mahindra & Mahindra Ltd, FCA India, Kia India Private Limited, Hyundai Motor Company, Toyota Kirloskar Motor Pvt. Ltd., Honda Cars, Tata Motors, and Others.
• A detailed explanation of the segments of the market
• Exhaustive analysis of the major market participants
• Vital transpose in market dynamics
• Evaluation of major industry developments
• Market share study
• Key player’s winsome strategies
• New launches and regional market growth scrutiny
• Station Wagon
• SUV (Sports Utility Vehicle)
• MPV (Multi-purpose Vehicle)
By Engine Capacity Type
• Less than 1000cc
• Above 2000cc
By Fuel Type
• Central India
By States and Union Territories