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Automotive Market in India expected to reach 6.38 Mn units at a CAGR of 6.94 says Maximize Market Research.

(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.

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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.

Market Segmentation

by Vehicle Type

Passenger Vehicles


Mini Hatchback

Small Hatchback





Commercial Vehicles



Light Commercial Vehicle (LCV)


Two Wheelers



Electric Bikes

Three Wheelers

Auto Rickshaws

Goods Carriers


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By Type



Electric cars


Market Key Players:

Tata Motors Ltd

Maruti Suzuki India Ltd

Mahindra & Mahindra Ltd

Hero MotoCorp Ltd

Bajaj Auto Ltd

Ashok Leyland Ltd

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Maximize Market Research is leading in Automotive and Transportation research firm, has also published the following reports:

EV Onboard Battery Charger Market: Global Industry Analysis and Forecast (2024-2030) by Propulsion Type, Power Output, Vehicle Type and Region. EV Onboard Battery Charger Market size was valued at USD 4.4 Bn in 2023 and is expected to reach USD 13.44 Bn by 2030

Metaverse in Automotive Market: Global Industry Analysis and Forecast (2024 -2030) Metaverse in Automotive Market size was valued at USD 2.81 billion in 2023 and the total Metaverse in Automotive revenue is expected to grow

About Maximize Market Research:

Maximize Market Research provides B2B and B2C research on 6,500 high-growth emerging opportunities and technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics and communications, Internet of Things, Food and Beverages, Aerospace and defence, and other manufacturing sectors.


L Godage


Source: EmailWire.Com


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