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(USGovernment-News.Com, June 30, 2024 ) The Automotive Market in India was accounted for 3.99 Mn units in 2023 and the market is expected to reach 6.38 Mn units at a CAGR of 6.94 % by 2030.
Younger population, growing income, urbanization are some of the main market drivers. In June 2021 total production of automotive units were around 1,693,639. April to June 2021, Indian automotive exports accounted for 1,419,430 units. Government initiatives are focusing on hybrid and electric vehicles. Make in India and Atmanirbhar Bharat boost local manufacturing, Automotive Mission Plan (2016-26) is a joint venture between government and industry for automotive sector development. India invests significantly in R&D, accounting for 40% of global engineering and R&D spending in the automotive sector.
North India largest automotive market is dominated by two-wheelers, with high demand for passenger cars like SUVs. West India has high demand for luxurious passenger cars and sedans. South and east prefers two-wheelers.
Maximize Market Research is leading in Automotive and Transportation research firm, has also published the following reports:
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