PUBLISHER: TechSci Research | PRODUCT CODE: 940364
PUBLISHER: TechSci Research | PRODUCT CODE: 940364
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India passenger car market is projected to grow at a CAGR of around 10% and surpass $ 31.7 billion by 2026, owing to increasing per capita income and rising demand for enhanced travelling comfort. Moreover, reduction of GST to 18% from earlier 28% as well tax benefits on EMIs for loan amounts is also expected to positively influence the market in the coming years. India passenger car market witnessed sales of around 2.77 million units in FY2020. Increase in consumer spending and demand for economical and technologically advanced vehicles with automatic transmission systems such as Hatchback and Sedan cars is expected to boost demand for passenger cars during the forecast period.
India passenger car market can be classified based on Vehicle type, by Fuel type, by Transmission type and by Company/Brand. In terms of Vehicle type, the market is segmented into Sedan, Hatchback, Sports Utility Vehicle and Multi-Purpose Vehicle. In FY2020, the Hatchback segment accounted for the majority market share, followed by SUV, Sedan and MPV segments. Over the next five years, the Hatchback segment is expected to continue its dominance in the country's passenger car market, however, the other vehicle segments are expected to witness faster growth during the forecast period.
Due to the government's implementation of various environmental norms and Corporate Average Fuel Efficiency Norms, Diesel engine variants are less likely to be the preferred choice of consumers in the coming years. In terms of transmission type, market is divided into Automatic and Manual segments. Though Manual transmission segment continues to the dominate the market, vehicles with Automatic transmission are anticipated to witness faster rate of adoption in India over the next five years.
Based on engine capacity, vehicles with mid ranges of engine capacity, usually between 1,000 to 2,000 cubic centimeters, are expected to witness strong growth in the coming years. Maruti Suzuki India Limited, Hyundai Motors India Limited, Mahindra and Mahindra Limited, Honda Cars India Limited, Tata Motors India Limited, Toyota Kirloskar Motor Private. Limited., Ford India Private Limited, Volkswagen Group India Limited, Mitsubishi Motors India Limited and Fiat Chrysler Automobiles India Private Limited are some of the leading players and cumulatively account for a market share above 90% in India passenger car market.
Years considered for this report:
Historical Period: FY2016 - FY2019
Base Year: FY2020
Estimated Year: FY2021
Forecast Period: FY2022 - FY2026
Maruti Suzuki India Limited, Hyundai Motors India Limited, Mahindra and Mahindra Limited, Honda Cars India Limited, Tata Motors India Limited, Toyota Kirloskar Motor Private. Limited., Ford India Private Limited, Volkswagen Group India Limited, Mitsubishi Motors India Limited and Fiat Chrysler Automobiles India Private Limited are some of the leading players operating in India passenger car market. TechSci Research performed primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of passenger car manufacturers in India. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include vendors and service providers that could not be identified due to the limitations of secondary research. TechSci Research analysed product offerings, application, distribution channel and regional presence of all passenger car manufacturers across India.
TechSci Research calculated the market size of India Passenger Car market using a top down approach, where data for various segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analysing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as India Passenger Car manufacturers, distributors and dealers, customers, and policy makers. The study would also help them to target the growing market segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
In this report, India Passenger Cars market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in India passenger car market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Profit Margin Analysis
(Note: The companies list can be customized based on the client requirements.)