India Passenger Car Market: Key Vendors - Maruti Suzuki India, Hyundai Motor India, Mahindra & Mahindra, Tata Motors

India Passenger Car Market Outlook
With a contribution of 49% to the nation’s manufacturing GDP, the Indian automotive industry became fourth largest in the world after witnessing a growth of 9.5% in 2017. The passenger vehicles hold a composition of 13% in the industry as of financial year (FY) 2017; and are expected to grow at a fast pace during the forecast period. Some of the major factors driving the growth of the market are rise in disposable income, rapid urbanization and continuous increase in population, development in road infrastructure, and launch of several low-cost car models. However, factors such as fluctuations in fuel prices and growing preference for public transport, such as Metro, may hinder the growth of the passenger vehicle market.

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Maruti Suzuki - Market Leader
Maruti Suzuki is leading the passenger vehicles market in 2017 in Hatchback & Sedan, as well as in SUVs & MUVs. Mahindra is having highest number of sales in SUVs after Suzuki whereas Hyundai is leading in Hatchbacks & Sedans after Suzuki.

Key Developments in India Passenger Car Market
April 2018: Motherson Sumi Systems Ltd. announced the acquisition of Reydel Automotive for USD 201 million, through its subsidiary Samvardhana Motherson Automotive Systems Group BV. The acquisition will help the company in enhancing their offerings in the automotive interior space such as console modules, instrument panels, and decorative parts, and will also aid in meeting the company’s 2020 targets
January 2018: For the next three years, Hyundai plans to invest over 1 Billion dollars in India by 2020 towards the development of new products, powertrain and setting up of new office building

Key Industry Players in India Passenger Car Market
Automobile Manufacturers - Maruti Suzuki India Ltd., Hyundai Motor India Ltd., Mahindra & Mahindra Ltd., Tata Motors Ltd., among others.
Automotive Components Manufacturers - Bosch, Samvardhana Motherson Group, Exide Industries Ltd., WABCO India Ltd., Sundaram Clayton Ltd, Gabriel India Limited, and Bharat Forge Limited, among others.

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The diesel vehicle sales (hatchbacks and sedans) has declined to less than a quarter (23%) in FY 2017 in from 27% in FY 2016, owing to reducing price gap between diesel and petrol and also their variants. However, the diesel vehicles are dominant in the SUV segment due to limited availability of petrol variants but this scenario is gradually changing as more petrol versions of SUVs are being introduced in the Indian market.
The Indian automotive component industry is expected to witness a healthy growth during the forecast period owing to increasing domestic demand, rising exports, and the increasing flow of investments in the automotive components sector. Consequently, making India as key automotive components sourcing hub. Additionally, the Union Budget of 2018-2019, proposed an increase in basic custom duty on completely knocked down (CKD) imports of motor vehicles from 10% to 15%; and increase in minimum support price of all crops to 1.5 times of production cost. This, in turn, would result in rise in farm income, consequently benefitting the demand of automobiles, especially for entry-level cars, to support domestic auto component manufacturers, and passenger car market.

Electric Vehicle and Shared Mobility - Threats?
The sales of electric vehicles are expected to be remained low due to lack of proper infrastructure despite the launch of numerous government incentives under the FAME (Faster Adoption and Manufacturing of Hybrid and Electric vehicles), tax exemptions, free parking, and toll waivers.
Additionally, the shared mobility and rise in & consistent development in mass transit systems, such as Metros, are expected to hinder the growth of the market in the coming years; however, are anticipated to become more dominant after 2025. Recently, in February 2018, 15 transport and tech companies signed shared mobility principles to give more preference to customers in comparison to vehicles, lower emissions, promote, and encourage shared mobility.

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This release was published on openPR.