Indian Automotive Market Poised for Robust Growth with a Projected CAGR of 8% from 2024 to 2030

Indian Automotive Market Poised for Robust Growth with a Projected CAGR of 8% from 2024 to 2030

According to industry analysts at Next Move Strategy Consulting, the Indian Automotive Market is anticipated to reach USD 196 billion, growing at a CAGR of 8% during the forecast period by 2030. As the world’s third-largest automobile market, India continues to exhibit a dynamic and evolving landscape, encompassing a diverse range of vehicles including passenger cars, commercial vehicles, two-wheelers, and three-wheelers. This growth is fueled by rapid urbanization, industrialization, technological advancements, and supportive government initiatives.

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Key trends shaping the Indian automotive industry include the rise in electric vehicles (EVs), the surge in shared mobility services, digital transformation in sales and services, and growing demand from rural areas. The market remains a crucial contributor to India’s economic growth, fostering innovation and expansion opportunities.

Market Dynamics and Trends

The Indian automotive market's growth is largely driven by government programs like Make in India and the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. While the former encourages domestic manufacturing, the latter accelerates EV adoption through subsidies and infrastructure development.

Another significant trend is the increasing preference for sports utility vehicles (SUVs), which accounted for 50.4% of India’s passenger vehicle market share in FY2024, as reported by Maruti Suzuki India (MSIL). Meanwhile, the expanding middle class and rising disposable incomes are boosting demand for premium and luxury vehicles.

Despite the dependency on imported components like electronic control units (ECUs) and transmissions, domestic manufacturers are ramping up production to address this challenge, creating new growth avenues. For instance, total vehicle production increased by 23% in January 2024 compared to December 2023, showcasing a positive trajectory.

Market Segmentation and Scope

The Indian automotive market is segmented by:

  • Vehicle Type: Passenger vehicles (hatchbacks, sedans, SUVs, MPVs), commercial vehicles (trucks, buses), two-wheelers, and three-wheelers.
  • Fuel Type: Petrol, diesel, compressed natural gas (CNG), hybrid, and electric.
  • Price Range: Low-range, mid-range, and high-range vehicles.

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Competitive Landscape

The Indian automotive sector is dominated by prominent players such as Suzuki Motor Corporation, Hyundai Motor Company, Tata Motors Limited, Mahindra & Mahindra Ltd., and Honda Motor Co., Ltd. These companies are adopting strategies like product launches, business expansions, and investments in research and development to sustain market dominance.

For instance:

  • Suzuki Motor Corporation announced the launch of seven new bikes for India to cater to diverse consumer preferences.
  • Hyundai Motor Company will introduce its first locally produced EV, the Hyundai Creta EV.
  • Honda Motor Co., Ltd. has established a new R&D center in Bengaluru for electric motorcycles and scooters.

Report Scope and Customization

The report offers a detailed analysis of current and future trends, market opportunities, and competitive dynamics. It also provides insights through SWOT analysis, Porter's Five Forces, and value chain analysis. Buyers can avail of free customization options to tailor the report to their specific research needs.

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Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

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