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Market Research Report

India Passenger Vehicle Market: Size, Share, Trends, Sales Data, Growth Drivers, Restraints, Key-players, Y-O-Y growth & Demand Analysis By Model Type (Hatchback, Sedan, )SUV and By Fuel Type(Electric, Hybrid) with Regional Outlook for Forecast Period 2016-2024

Published On : 2018-01-10 Report Page : 230 Category: Automotive

India Passenger Vehicle Market

Market Overview

With the total sales of over 27, 72,200 units of passenger vehicles in 2015, India became one of the fastest growing markets for passenger vehicles across the globe. Growing demand for cars for personal needs with increasing per capita income is bolstering the sales of passenger vehicles in India. Moreover, rising tour activities in the country are also propelling the demand for special utility vehicles. Indian government is also taking initiatives to expand the automobiles business across the country. In 2015, Indian government introduced the scheme FAME-INDIA (Faster Adoption & Manufacturing of Electric and Hybrid Vehicles). This scheme is expected to attract huge consumer interest and contribute in the wide adoption of environment friendly passenger vehicles.

Indian government’s target to achieve 100% electric cars in the country by the end of 2030 is attracting leading automakers across the world to exploit new business opportunities in India. For instance, one of the leading electric car maker company Tesla is targeting to expand its business in India by introducing a single brand retail route in the country. However, automakers are expected to face huge challenges to expand their electric cars business in India due to lack of proper infrastructure in the country.

Market Segmentation

India Passenger Vehicle Market is segmented on the following basis:

Based on Model Type

  • Hatchback
  • Sedan
  • SUV

Based on Fuel Type

  • Electric Vehicle
  • Petrol Vehicle
  • Diesel Vehicle
  • Alternatively Powered Vehicle (CNG, etc.)

By Geography

  • Tier-I cities (Delhi, Mumbai, Hyderabad, Kolkata, Bangalore, Chennai, Pune) {Market Share (%), Market Size (USD Million), Product Sales (Units)}
  • Tier-II cities (Noida, Gurgaon, Chandigarh, Jaipur, Lucknow, Nagpur, Raipur, Vishakapattanam, Allahabad, Indore, Bhopal, Udaipur, Durg-Bhillai City, Patna, Varanasi, Pondicherry, Jammu, Dehradun, Surat, Mysore etc. ) {Market Share (%), Market Size (USD Million), Product Sales (Units)}
  • Tier-III cities (All other cities) {Market Share (%), Market Size (USD Million), Product Sales (Units)}

Market Size and Forecast (2016-2024)

India accounted for 4.2% share of total sales of passenger vehicles sales in 2015 and is projected to hold over 10% share global passenger vehicle market by the end of 2024. India passenger vehicle market is projected to hit over 5 million units by the end of 2024 from 2.7 million units in 2016. India passenger vehicle market valued USD 57.2 billion in 2016, and is projected to grow at a CAGR of 6.9% during the forecast period.

In 2015, India exported USD 15 billion worth of automotives across the globe, out of which United States and Mexico accounted for the maximum share of over 7%. Southern region of India contributes the largest part of the revenue with over 35% share. Southern region accounted for over 60% of the India’s automotive exports in 2016. Northern part of India contributes nearly 30% of the revenue share of India passenger vehicle market.

Companies such as Hyundai, Toyota, Volkswagen, Nissan and Maruti Suzuki are expanding their manufacturing facilities units in India which is expected to boost the growth of India passenger vehicle market. For instance, world's largest automotive safety supplier Autoliv Inc and TRW Automotive Inc. are setting their plants in India to increase the automotive capacity of India. Moreover, General Motors are planning to invest USD 1 billion to increase the manufacturing capacity of Talegaon plant in Maharashtra from 130,000 units cars in a year to 220,000 units by 2024.

Market Drivers and Challenges

Rising urbanization and government initiatives are creating awareness among people about the plans and benefits of electric and hybrid passenger vehicles. For instance, Niti Aayog, and Indian government scheme which offers concession on the purchase of electric and hybrid vehicles. Nearly USD 21.12 million for cars will be provided as sops to the customers, which is projected to increase the sales of passenger vehicles by reducing the price for consumers. Such initiatives are likely to expand  Indian passenger vehicles industry.

Lack of infrastructure is expected to be the biggest challenge for the expansion of electric passenger vehicle in India. In 2016, approximately 56,190 fuel stations belong to India out of which 222 community charging stations are available across the country. Moreover, India’s first electric car making company Reva Electric Car Company, reports that due to charge points in India, the driving distance of the new models introduced by the company has reduced by up to 37.5%. This is the major drawback and is expected to obstruct the growth of passenger vehicle market in the country.

Key Market Players

  • Tata Motors      
    •  Synopsis
    • Business Strategy
    • Product Portfolio
    • SWOT Analysis
  • 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
  • Datsun

Scope Background

Market Synopsis

Market Segmentation

The India Passenger Vehicle Market is segmented as follows:

  • By Model Type (Market Size, Demand Analysis and Growth Analysis)
  • By Fuel Type (Market Size, Demand Analysis and Growth Analysis)

Market Dynamics: Growth Drivers, Restraints and Opportunities

  • Risk Factors
  • Regional Variations
  • Recent Trends and Developments

Key Market Players

  • Synopsis
  • Business Strategy
  • Product Portfolio
  • SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remarks

India Passenger Vehicle Market: Size, Share, Trends, Sales Data, Growth Drivers, Restraints, Key-players, Y-O-Y growth & Demand Analysis By Model Type (Hatchback, Sedan, )SUV and By Fuel Type(Electric, Hybrid) with Regional Outlook for Forecast Period 2016-2024

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