Passenger Cars - India

India

Revenue in the Passenger Cars market is projected to reach €23.2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.37%, resulting in a projected market volume of €24.9bn by 2029.
The market's largest segment is SUVs with a projected market volume of €9.5bn in 2024.
Passenger Cars market unit sales are expected to reach 3,564.00k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to €6.77k in 2024.
With a vehicle unit sales share of 50.0% in 2024, Maruti Suzuki is expected to have one of the highest market share in the selected region.
The value market share of the make Maruti Suzuki in the selected region is expected to stand at 30.3% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (€561bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in India has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences in India have shifted towards more fuel-efficient and environmentally friendly vehicles. With rising concerns about air pollution and the increasing cost of fuel, customers are opting for cars that offer better mileage and lower emissions. This has led to a surge in demand for electric and hybrid vehicles in the country.

Additionally, Indian consumers are also placing a greater emphasis on safety features and advanced technology in their cars. Trends in the market have also played a role in the growth of the Passenger Cars market in India. The introduction of new models and variants by car manufacturers has attracted a wider range of customers.

Car companies are also offering attractive financing options and after-sales services to entice buyers. Furthermore, the increasing popularity of online car buying platforms has made it easier for customers to compare prices and make informed decisions. Local special circumstances in India have contributed to the growth of the Passenger Cars market as well.

The country has a large population and a growing middle class, which has led to an increase in disposable income and purchasing power. As a result, more people are able to afford cars and are willing to invest in them. Additionally, the government has implemented policies and incentives to promote the production and adoption of electric vehicles, further driving the growth of the market.

Underlying macroeconomic factors have also played a role in the development of the Passenger Cars market in India. The country has experienced steady economic growth, which has led to an increase in consumer spending. Additionally, low interest rates and easy access to financing have made it more affordable for individuals to purchase cars.

Furthermore, the government's focus on infrastructure development, such as the construction of new roads and highways, has made it easier for people to commute and travel, further fueling the demand for cars. In conclusion, the Passenger Cars market in India has been growing due to customer preferences for fuel-efficient and technologically advanced vehicles, trends in the market such as the introduction of new models and online car buying platforms, local special circumstances including a growing middle class and government incentives for electric vehicles, and underlying macroeconomic factors such as economic growth and infrastructure development. This growth is expected to continue in the coming years as more people in India aspire to own cars and the automotive industry continues to innovate and cater to the evolving needs of customers.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).