India Passenger Car Market to be Dominated By SUV/MPV Vehicle Type Segment During the Forecast Period
Higher
disposable income, technological advancement, increasing preference for
personal vehicle due to convenience and safety, and supportive regulatory
measures are driving the growth of India Passenger Car Market.
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 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. And India is one of the largest
passenger car markets across 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 manufactures. In addition to this,
environmental concerns (like pollution, green-house emissions, etc.) have also
emerged as a significant factor in the purchase of passenger cars.
Indian automobile industry is showing
remarkable growth from the past few years. Policies supported by the government
such as Automotive Mission Plan 2016-2026, Make in India initiative etc., are
contributing immensely to this industry. In terms of vehicle type, the India passenger
car market is segmented into Hatchback, 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, 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 were once the bread and butter of India passenger car market.
The degrowth in hatchbacks has been exacerbated by high inflation affecting the
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
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. Automatic
transmission shifts faster as compared to manual transmission. Given the
traffic congestions in India, people are naturally becoming more inclined to
owning 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, petrol propulsion type has dominated the India passenger car market with
the 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 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 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 a tremendous
growth and transition. This has also resulted in the formation of many new
startups in the country and huge investment is being done by the manufacturers in
their research & development department to have a competitive edge in the
market. Thus, all these factors are contributing to the growth of 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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