Press release
Automotive Market in India is expected to reach 6.38 Mn units at a CAGR of 6.94 % by 2030 Says Maximize Market Research
Automotive Market in India
The Automotive Market in India is a dynamic sector characterized by robust growth and diverse vehicle offerings. In 2023, the market was valued at 3.99 million units and is projected to reach 6.38 million units by 2030, growing at a CAGR of 6.94%. The industry encompasses the production, manufacturing, and sale of various vehicles, which are categorized based on design, utility, and purpose.
๐๐จ๐ฎ๐ซ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฌ ๐๐ฎ๐ฌ๐ญ ๐ ๐๐ฅ๐ข๐๐ค ๐๐ฐ๐๐ฒ:https://www.maximizemarketresearch.com/request-sample/86126/
Drivers in the Automotive Market in India:
The increasing young population and rising income of middle-class families has been considered resulting in the growing market share for India in the automotive industry. India's rapid urbanization in the recent years in all industrial sector, especially the automobile industry has driven the market. According to the Society of Indian Automobile Manufacturers (SIAM), in June 2021, the total production volume of commercial vehicles, passenger cars, three-wheelers, and two-wheelers combined was 1,693,639 units.
Government initiative for the fast production and adoption of hybrid electric vehicles has increased while focusing on lowering the use of fossil fuels. The demand for the automotive market is further driven by increasing exports of Indian manufactured vehicles to other countries by the terms of volume. Indian automotive exports accounted for 1,419,430 units from April 2021 to June 2021.
๐๐ฅ๐ข๐๐ค ๐๐๐ซ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐ ๐จ๐ซ ๐๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ:https://www.maximizemarketresearch.com/request-sample/86126/
Automotive Market in India Trends:
The Indian automobile sector is leading concerns about increasing air pollution and simultaneously declining quality air quality. Some Indian cities, such as Delhi have often been on lists of the most polluted and dirty cities in the world. With the growing pressure from NGOs and environmental groups, The Indian government has initiated and implemented a number of steps. New pollution rules were released, and electric car taxes were significantly decreased compared to conventional automobiles. The rising air pollution in India has made it compulsory and made an initiative to make use of more electric vehicles. India being on track to overtake China in the increasing population in world and becoming the most populated country, the traffic in India is rising and need for development of tiny, medium size off-road, underdeveloped roadways has raised.
Automotive Market in India Opportunities:
The MMR report provide details of competitive companies in the market of automotive vehicle in India. Tata Motors is the market leader in the Indian automotive vehicle market who has a strong presence and strong core in the industrial sector in India. Tata Motor are specialized in the passenger car market, with models such as the Tata Nexon, Tata Harrier, and Tata Altroz. Tata Motors is also expanding its presence in the electric vehicle market.
๐๐ฅ๐ข๐๐ค ๐ก๐๐ซ๐ ๐๐จ๐ซ ๐๐ซ๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ + ๐ซ๐๐ฅ๐๐ญ๐๐ ๐ ๐ซ๐๐ฉ๐ก๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ:https://www.maximizemarketresearch.com/request-sample/86126/
Automotive Market in India Regional Analysis
North Indian Market: The Indian automotive market is divided in four regions that is the North India, West India, South India, and East India. North Indian region is a largest automotive market because of the population density, and rapid development in this region. North Indian region is driven by the two-wheelers market, as there are large sales of two-wheelers in this region. This region has a majority of the middle andupper-class population, whose demand for vehicles hasincreased. Passenger cars like SUVs are more popular here, as the rapid rise in urbanization has raised the demand for passenger cars. This urbanization has also raised the demand for more commercial and light weight vehicles such as trucks and buses.
Segmentation Analysis of the Automotive Market in India:
by Vehicle Type
Passenger Vehicles
Hatchbacks
Mini Hatchback
Small Hatchback
Sedans
SUVs
MUVs/ MPVs
Other
Commercial Vehicles
Truck
Bus
Light Commercial Vehicle (LCV)
Others
Two Wheelers
Motorcycles
Scooters
Electric Bikes
Three Wheelers
Auto Rickshaws
Goods Carriers
Others
by Type
Petrol
Diesel
Electric cars
Others
๐ ๐จ๐ซ ๐ฆ๐จ๐ซ๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ฏ๐ข๐ฌ๐ข๐ญ:https://www.maximizemarketresearch.com/market-report/automotive-market-in-india/86126/
Who is the largest manufacturers of Automotive Market in India worldwide?
1. Tata Motors Ltd
2. Maruti Suzuki India Ltd
3. Mahindra & Mahindra Ltd
4. Hero MotoCorp Ltd
5. Bajaj Auto Ltd
6. Ashok Leyland Ltd
7. TVS Motor Company Ltd
8. Eicher Motors Ltd
9. Force Motors Ltd
10. SML ISUZU Ltd.
11. Honda Motor Co., Ltd.
12. Hyundai Motor India
13. Daimler AG
14. Piaggio & C.S.p.a.
15. Toyota Motor Corporation
Key Offerings:
โข Past Market Size and Competitive Landscape
โข Automotive Market in India Size, Share, Size & Forecast by different segment
โข Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
โข Automotive Market in India Segmentation - A detailed analysis by Product
โข Competitive Landscape - Profiles of selected key players by region from a strategic perspective
โข Competitive landscape - Market Leaders, Market Followers, Regional player
โข Competitive benchmarking of key players by region
โข PESTLE Analysis
โข PORTER's analysis
โข Value chain and supply chain analysis
โข Legal Aspects of business by region
โข Lucrative business opportunities with SWOT analysis
โข Recommendations
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