India Passenger Car Market (2023-2029) | Value, Share, COVID-19 IMPACT, Revenue, Analysis, Size, Companies, Trends, Outlook, Forecast, Industry & Growth

India Passenger Car Market Highlights

Report Name	India Mobile Wallet Market
Base Year	2022
Historical Period	2019-2022
Forecast Period	2023-2029
Growth rate	3.06%
Report Coverage	Revenues & Volume, Market Trends, Drivers & Challenges, Market Forecast, Market Share
Segment Coverage	By Type, By Fuel Type, By Engine Capacity, By Propulsion Type
Customization Scope	100% customized reports available along with reliable data. Moreover, you can alter the segments, countries, and regions according to your needs. For further details, you can contact our research expert at sales@6wresearch.com
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Topics Covered in India Passenger Car Market Report

India Passenger Car Market report thoroughly covers the market by type, by fuel type, by engine capacity, by propulsion type. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Passenger Car Market Synopsis

India passenger car market is one of the world`s fastest growing markets and this growth will be driven by increasing per capita income and disposable incomes in India as well as rising urbanisation levels. The market will attain prominent growth during the forecast period.

According to 6Wresearch, the India Passenger Car Market size is anticipated to rise at a CAGR of around 3.06% and will reach the volume of US$ 25.4 Billion during 2023–2029. The market is driven by factors like increasing disposable incomes, attractive financing schemes, rising urbanization and favorable demographics. The booming e-commerce industry has also contributed to the growth of the market as it allows customers to compare prices and features of various models. Additionally, technological advancements such as autonomous driving capabilities have made cars a more attractive option for consumers. Furthermore, new government initiatives such as FAME India are expected to further boost the India Passenger Car Market Size over the forecast period. Despite being relatively cheaper than its western counterparts, owning a car still accounts for a significant part of an individual budget due to various taxes imposed on automobiles such as registration fee, road tax etc.; Poor Quality Infrastructure and Traffic Congestion: Poor roads quality coupled with traffic congestion have led to longer travel time which can adversely affect customer experience when travelling via personal vehicle.

COVID-19 Impacts on India Passenger Car Industry

The lockdowns and restrictions during the pandemic led to disruptions in automotive production facilities. A number of manufacturing units had to temporarily shut which affected the supply chain. B The automotive industry of the market relies on a complex global supply chain. Challenges in the supply chain, including shortages of critical components as well as logistical disruptions, led to delays in production which resulted in increased costs. On the back of the economic uncertainty, reduced consumer confidence, as well as lockdown measures, there was a major decline in car sales. Consumers postponed discretionary spending.  With restrictions on dealerships, there was a shift towards online sales channels. Numerous automakers and dealers invested in virtual platforms in order to reach customers and facilitate digital sales. The market faced many challenges but it will grow more in the future as Passenger Car Market Share in 2023 is rising significantly. Even Asia Pacific Passenger Car Market faced challenges during the pandemic.

Passenger Car Market in India: Leading Players

Maruti Suzuki, Tata Motors, Hyundai Motor India Ltd., Mahindra & Mahindra Ltd., Honda Cars India Ltd., Toyota Kirloskar Motor Pvt Ltd., and Ford India Private Limited are some of the most prominent market players and they are projected to attain more success in the future.

India Passenger Car Market: Government Initiatives

The government of India implemented many initiatives in order to support the market and drive sustainable growth in automotive sector. Indian automotive industry analysis 2023 shows that one prominent measure has been the introduction of Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme. Under this scheme, incentives are provided to both manufacturers and consumers in order to promote the adoption of electric as well as hybrid vehicles. The government has also taken initiatives to address safety and security concerns by necessitating the implementation of smart safety features. The government has policies to attract foreign direct investment (FDI) and this facilitate the entry of international automakers and motivated the establishment of state-of-the-art manufacturing facilities.

Market by Type

In India, the passenger car market has been dominated by hatchbacks, due to their cost-effectiveness, compact size, as well as fuel efficiency. Sedans have also held a major market share, especially in the mid-range. Utility vehicles, including SUVs and crossovers, have been gaining popularity in recent years owing to changing consumer preferences for larger vehicles.

Market by Fuel Type

On the basis of fuel type, gasoline-powered cars have been the common choice of Indian consumers, primarily owing to the availability of gasoline as well as the lower upfront cost of gasoline cars as compared to their diesel counterparts. Diesel cars, have historically been favored for their higher fuel efficiency, which made them suitable for long-distance travel.

Market by Propulsion Type

On the basis of propulsion, electric segment is projected to dominate the market in the years to come. The government of the country has been taking a number of initiatives to support electric cars; thus, it will dominate the market in the near future.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Passenger Car Market Outlook
• Market Size of India Passenger Car Market, 2022
• Forecast of India Passenger Car Market, 2029
• Historical Data and Forecast of India Passenger Car Revenues & Volume for the Period 2019 - 2029
• India Passenger Car Market Trend Evolution
• India Passenger Car Market Drivers and Challenges
• India Passenger Car Price Trends
• India Passenger Car Porter's Five Forces
• India Passenger Car Industry Life Cycle
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By Type for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By Hatchback for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By Sedan for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By Utility Vehicle for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By Fuel Type for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By Gasoline for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By Diesel for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By Others for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By Engine Capacity for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By <1000 cc for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By <1000-1500 cc for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By <1500-2000 cc for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By >2000 cc for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By Propulsion Type for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By IC Engine for the Period 2019 - 2029
• Historical Data and Forecast of India Passenger Car Market Revenues & Volume By Electric Vehicle for the Period 2019 - 2029
• India Passenger Car Import Export Trade Statistics
• Market Opportunity Assessment By Type
• Market Opportunity Assessment By Fuel Type
• Market Opportunity Assessment By Engine Capacity
• Market Opportunity Assessment By Propulsion Type
• India Passenger Car Top Companies Market Share
• India Passenger Car Competitive Benchmarking By Technical and Operational Parameters
• India Passenger Car Company Profiles
• India Passenger Car Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Type

• Hatchback
• Sedan
• Utility Vehicle

By Fuel Type

• Gasoline
• Diesel
• Others

By Engine Capacity

• <1000 Cc
•  <1000-1500 Cc
•  <1500-2000 Cc
•  >2000 Cc

By Propulsion Type

• IC Engine
• Electric Vehicle