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 LimitedHyundai Motor India LimitedTata Motors Passenger Vehicle LimitedMahindra & Mahindra LimitedKia India Private LimitedToyota Kirloskar Motor Private LimitedHonda Cars India LimitedMG Motor India Private LimitedRenault India Private LimitedSkoda Auto Volkswagen India Private LimitedDownload Free Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=1550 Customers can also request 10% free customization on this report. “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. You may also read:Truck Axle Market [2029] – Analysis, Trends, & InsightsElectric Mobility Market Advancements and Business Opportunities [2029]Automotive Engine Cooling System Market – A Comprehensive Report [2029]India Commercial Drones Market [2029] Exploring Potential, Growth, Future & TrendsIndia Construction Equipment Market [2029] Key Trends and Strategies for ExpansionIndia Electric Passenger Car Market – Trends, Share [Latest] & Forecast. Table of Content-India Passenger Car Market
- Introduction 1.1. Market Overview1.2. Key Highlights of the Report1.3. Market Coverage1.4. Market Segments Covered1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study2.2. Baseline Methodology2.3. Key Industry Partners2.4. Major Association and Secondary Sources2.5. Forecasting Methodology2.6. Data Triangulation & Validation2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview3.2. Market Forecast3.3. Key Regions3.4. Key Segments
- Impact of COVID-19 on India Passenger Car Market
4.1. Key Segments Impacted4.2. Key Regions Impacted
- Voice of Customer Analysis
5.1. Factors Influencing Purchase Decision5.2. Brand Awareness5.3. Challenges & Unmet Needs
- India Passenger Car Market Outlook
6.1. Market Size & Forecast6.1.1. By Volume & Value6.2. Market Share & Forecast6.2.1. 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 Analysis6.2.5.1. North Region Market Size Analysis6.2.5.2. South Region Market Size Analysis6.2.5.3. West Region Market Size Analysis6.2.5.4. East Region Market Size Analysis6.2.6. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2023)6.3. India Passenger Car Market Mapping & Opportunity Assessment6.3.1. By Vehicle Type Market Mapping & Opportunity Assessment6.3.2. By Propulsion Type Market Mapping & Opportunity Assessment6.3.3. By Transmission Market Mapping & Opportunity Assessment6.3.4. By Price Segment Market Mapping & Opportunity Assessment6.3.5. By Regional Market Mapping & Opportunity Assessment
- India Hatchback Passenger Car Market Outlook
7.1. Market Size & Forecast7.1.1. By Volume & Value7.2. Market Share & Forecast7.2.1. By Propulsion Type Market Share Analysis7.2.2. By Transmission Type Market Share Analysis7.2.3. By Price Segment Market Share Analysis7.3. Pricing Analysis & Product Benchmarking
- India Sedan Passenger Car Market Outlook
8.1. Market Size & Forecast8.1.1. By Volume & Value8.2. Market Share & Forecast8.2.1. By Propulsion Type Market Share Analysis8.2.2. By Transmission Type Market Share Analysis8.2.3. By Price Segment Market Share Analysis8.3. Pricing Analysis & Product Benchmarking