According to TechSci Research report, “India Passenger Car Market – By Region, Competition Forecast & Opportunities, 2029,” the India passenger car market is expected to surge substantially during the forecast period. This massive growth is attributed to various factors such as a growing economy, increasing urbanization levels, easy financing schemes and better road infrastructure. Along with all these factors, supportive policies of the government are boosting the growth of the passenger car market across the country.
Passenger cars have been a dominant mode of transport around the world for decades. India is one of the largest passenger car markets in the world. In recent years, the India passenger car market has witnessed a dramatic change in customers’ perception regarding the mode of transport. Customers nowadays are focused on the level of comfort, safety and flexibility provided by the cars manufacturers. In addition to this, environmental concerns (like pollution, greenhouse emissions, etc.) have also emerged as significant factors in the purchase of passenger cars.
Indian automobile industry is showing remarkable growth over the past few years. Policies supported by the government such as the Automotive Mission Plan 2016-2026, the Make in India initiative etc., are contributing immensely to this industry. In terms of vehicle type, the India passenger car market is segmented into Hatchbacks, Sedan, Sport Utility Vehicle (SUV) and Multi-Utility Vehicle (MUV). The total number of sales of passenger cars in India as of financial year 2022-23 is more than 38 lakhs as per the Society of Indian Automobile Manufacturers (SIAM). In the past few years, Indian consumers have developed strong preferences for SUVs which has contributed a major market share in FY2023. This is primarily due to the powerful engines that are equipped in them along with high stance and leg space provided which becomes a preferable choice for family travelling. Moreover, the rugged conditions of Indian roads are one more reason for choosing SUVs. While SUVs have shown the highest growth rate in the vehicle type segment, hatchbacks, instead have shown the degrowth which was once the bread and butter of India passenger car market. The degrowth in hatchbacks has been exacerbated by high inflation affecting purchasing power and consumer preference.
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Based on transmission type, the India passenger car market is divided into two categories automatic and manual transmission. Earlier, automatic transmission wasn’t popular since they were sluggish in acceleration, inefficient with the fuel and not so reliable. However, with rapid technological advancements in automatic cars which particularly took place in the 21st century they have picked up the pace quickly in the past few years. They have become sportier and better in quality than before, along with the several features, equipped in them. The major benefit of the use of an automatic transmission car is that they are easier to use. The automatic transmission shifts faster as compared to manual transmission. Given the traffic congestion in India, people are naturally becoming more inclined to own automatic cars. This has also resulted in a wider consumer base as well for the passenger car market because people of diverse age groups and genders are now able to commute easily.
Regarding propulsion type, the India passenger car market is segmented into petrol, diesel, electric and others. Among these, the petrol propulsion type has dominated the India passenger car market with a market share of more than 70% in FY 2023. With stringent regulations especially in the area of emissions, companies have divided the propulsion system of cars based on a number of propulsion types such as petrol, diesel, CNG, hybrid, electric, etc.
When almost a decade ago diesel engines were introduced in the market, they had gained a substantial market share of around 60%. But, over time, it has now dropped to around a mere 18% and in this turn of events, petrol engines are taking the place of diesel engines. Car manufacturers have come up with several alternatives while transitioning towards electric cars. One of the alternatives is hybrid cars which have become popular in India passenger car market because they save gasoline and cut carbon footprint without having to deal with range issues and charging stations. Based on price segment, the market is divided into economy, mid-range, premium and luxury. Based on region, the India passenger car market is segmented into North, West, South, and East.
Key market players in the India passenger car market include:
- Maruti Suzuki India Limited
- Hyundai Motor India Limited
- Tata Motors Passenger Vehicle Limited
- Mahindra & Mahindra Limited
- Kia India Private Limited
- Toyota Kirloskar Motor Private Limited
- Honda Cars India Limited
- MG Motor India Private Limited
- Renault India Private Limited
- Skoda Auto Volkswagen India Private Limited
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“There are a number of opportunities in the India passenger car market in terms of growth, developments, and investments. With the help of supportive government initiatives and growing concerns among the people regarding the harmful effects of gasoline emissions towards the environment, the passenger car market is going through tremendous growth and transition. This has also resulted in the formation of many new startups in the country and huge investments are being made by the manufacturers in their research & development departments to have a competitive edge in the market. Thus, all these factors are contributing to the growth of the passenger car market in India.” said Mr Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“India Passenger Car Market By Vehicle Type (Hatchback, Sedan, SUV/MPV), By Propulsion Type ((Petrol, Diesel, Electric, Others (CNG, Hybrid, etc.)), By Transmission Type (Automatic and Manual), By Price Segment (Economy, Mid-Range, Premium and Luxury), By Region, Competition Forecast & Opportunities, 2029,” has assessed the India Passenger Car Market’s future development potential and provides data and information on market size, structure, and projected market growth. The report’s goal is to give current market knowledge and assist decision makers in making informed investment decisions. Furthermore, the study identifies and analyses emerging trends, as well as key drivers, constraints, and opportunities in India Passenger Car Market.
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Table of Content-India Passenger Car Market
- Introduction
1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on India Passenger Car Market
4.1. Key Segments Impacted
4.2. Key Regions Impacted
- Voice of Customer Analysis
5.1. Factors Influencing Purchase Decision
5.2. Brand Awareness
5.3. Challenges & Unmet Needs
- India Passenger Car Market Outlook
6.1. Market Size & Forecast
6.1.1. By Volume & Value
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis (Hatchback, Sedan, SUV/MPV)
6.2.2. By Propulsion Type Market Share Analysis (Petrol, Diesel, Electric, Others (CNG, Hybrid, etc.)
6.2.3. By Transmission Type Market Share Analysis (Automatic, Manual)
6.2.4. By Price Segment Market Share Analysis (Economy, Mid-Range, Premium, Luxury)
6.2.5. By Regional Market Size Analysis
6.2.5.1. North Region Market Size Analysis
6.2.5.2. South Region Market Size Analysis
6.2.5.3. West Region Market Size Analysis
6.2.5.4. East Region Market Size Analysis
6.2.6. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2023)
6.3. India Passenger Car Market Mapping & Opportunity Assessment
6.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
6.3.2. By Propulsion Type Market Mapping & Opportunity Assessment
6.3.3. By Transmission Market Mapping & Opportunity Assessment
6.3.4. By Price Segment Market Mapping & Opportunity Assessment
6.3.5. By Regional Market Mapping & Opportunity Assessment
- India Hatchback Passenger Car Market Outlook
7.1. Market Size & Forecast
7.1.1. By Volume & Value
7.2. Market Share & Forecast
7.2.1. By Propulsion Type Market Share Analysis
7.2.2. By Transmission Type Market Share Analysis
7.2.3. By Price Segment Market Share Analysis
7.3. Pricing Analysis & Product Benchmarking
- India Sedan Passenger Car Market Outlook
8.1. Market Size & Forecast
8.1.1. By Volume & Value
8.2. Market Share & Forecast
8.2.1. By Propulsion Type Market Share Analysis
8.2.2. By Transmission Type Market Share Analysis
8.2.3. By Price Segment Market Share Analysis
8.3. Pricing Analysis & Product Benchmarking
