Indian Passenger Vehicles Industry Is Fuelling Due To New & Affordable Models

By Goldstein Market Intelligence || 2019-01-05 10:15:13 AM

 Indian Passenger Vehicles Industry Is Fuelling Due To New & Affordable Models

According to Goldstein Research, “Passenger vehicles production and sales increased in last five years in India due to the growing demand from middle class population with customers are often purchasing their first personal passenger vehicle. Moreover, passenger vehicle manufacturers are looking forward for new business opportunities in India owing to the rising per capita income that allow consumers to afford and purchase passenger vehicles. These factors are propelling the growth of Indian passenger vehicle industry.

Indian passenger vehicle industry Analysis

Indian passenger vehicle industry is segmented on the basis of model type and fuel type. Model type segment is further categorized into hatchback, sedan and SUV. Among these segments hatchback model acquired maximum share of total passenger vehicles sales in India. In 2015, Maruti Suzuki one of the leading automakers in India, sold over 44,410 units of hatchback model passenger cars. New models with better performance launched by automakers are gaining huge consumer’s interest and thus rising boosting the sales of vehicles across the country.

In 2015, total 5000 units of electric passenger vehicles were sold in India and the auto manufacturers are expected to sale over 5 million units of electric passenger cars by the end of 2024. Government schemes such as the National Electric Mobility Mission Plan (NEMMP) as well as FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) are expected to fuel the sales of electric passenger vehicles during the forecast period.

Indian passenger vehicle industry is projected to reach over 97.6 billion in 2024, registering a healthy CAGR during the forecast period. Increasing automobile sales and production with increasing demand for electric and hybrid vehicles are propelling the growth of passenger vehicles market in India.

Government Policy: Boost the sales of Electric Passenger Vehicle

Auto giants are partnering with government to support the FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) to expand the electric passenger vehicles market in India. For instance, in September 2017, Mahindra & Mahindra (M&M) signed a contract with Indian government for the supply of 150 electric sedans. In India, Mahindra & Mahindra (M&M) is the only supplier of electric sedan. Moreover, Tata Motors signed a contract for 10,000 electric cars. These collaborations are expected to drive the growth of passenger vehicle industry in India.

India Passenger Vehicle Market report by Goldstein Research contains detailed overview of the Indian passenger vehicle industry in terms of market segmentation by model type and by fuel type.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

Indian passenger vehicle industry also provides competitive outlook of some of the major players of Indian passenger vehicle industry which includes profiling of companies such as Tata Motors, Hindustan Motors, Mahindra and Mahindra, Hero Electric, Ajanta Group, Fiat Chrysler Automobiles (FCA), General Motors, Volkswagen Group, Chinkara Motors, Toyota, Ford Motor Company, Maruti Suzuki, Asia Motor Works (AMW), Honda, Hyundai, Renault-Nissan, Bayerische Motoren Werke AG (BMW), Mitsubishi, Daimler, Caparo, Mini and Datsun. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents comprehensive synopsis on the Indian passenger vehicle industry that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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