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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
India Automotive Market Size
The India automotive market value reached around USD 113.83 billion in 2023. During the forecast period between 2024 and 2032, the market is expected to grow at a CAGR of 8.10% to reach around USD 228.69 billion by 2032.
| India Automotive Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 113.83 |
| Market Size 2032 | USD Billion | 228.69 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 8.10% |
| CAGR 2024-2032 - Market by Region | Electric | 17.8% |
| CAGR 2024-2032 - Market by Type | Passenger Vehicles | 10.3% |
| CAGR 2024-2032 - Market by Transmission | Automatic | 11.2% |
| 2023 Market Share by Propulsion Type | Hybrid | 2.6% |
India Automotive Market Report Snapshots
India Automotive Market Growth
India Automotive Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the India automotive market reached an approximate value of USD 113.83 billion.
The market is projected to grow at a CAGR of 8.10% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to USD 228.69 billion by 2032.
The major drivers of the market include rising incomes, expansion of logistics industry, growing working population, rising vehicle production, and increasing vehicle penetration.
Key trends aiding market expansion include the rising penetration of EVs, advancements in manufacturing technologies, and favourable government initiatives.
Based on propulsion type, the market is categorised into internal combustion, electric, and hybrid.
Different vehicle types include LMV, MCWG, and HGMV.
The market can be segmented by type into passenger vehicles (hatchback, sedan, SUV, MUV) and commercial vehicles (LCVs, heavy trucks, buses and coaches).
By transmission, the market is divided into automatic and manual.
The competitive landscape consists of Tata Motors Ltd, Mahindra & Mahindra Limited, Toyota Motor Corp, Volkswagen AG, Ford Motor Company, Renault SA, Honda Motor Co., Ltd., Hyundai Motor Company, General Motors Company, Kia Corporation, and Mercedes-Benz Group AG, among others.
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