The Indian Automotive Market Forecast 2030 report is a detailed report that covers various market dynamics and aspects and their impacts.
ACG predicted that The Indian Automotive Industry is projected to grow at a CAGR of 3% from FY 2024 to FY 2030
Indian Automotive Market Forecast 2030:
In FY 2019, India sold 26.3 million vehicles, including trucks, buses, passenger cars, two-wheelers, and three-wheelers. FY 2022 registered 17.8M, the lowest number in the last six years or compared to the pre-COVID level. After touching the lowest volume, the Industry started to grow yearly.
The key growth drivers are Road Infrastructure development, Government policies, advancements in Automotive Technology, Consumer aspiration, and an increment in purchase power.
Indian Passenger Vehicle Market Forecast 2030:
The expected CAGR between FY 2024 and FY 2030 will be around +38 percent. Indian Customers bought 4.2 million Cars, SUVs, MUVs, and Vans in FY 2024. This segment looks highly attractive due to its consumer affordability. SUVs and Budget segment cars in Metros, Big cities, and towns will be in demand by FY 2030.
Passenger vehicles are the second largest segment in the Indian Automotive Industry. After COVID, customers prefer to have a car instead of a Two-Wheeler due to a rise in income, better road connectivity, Digital features, and comfort. The PV segment’s share has increased by 5 percent from FY 2019 to FY 2024.
India exported 0.67 million cars in FY 2024 with a -0.3 percent CAGR.
Rising urban populations and first-time car buyers are key drivers for Compact cars in India. Early adopters are highly interested in adding Electric cars to their portfolio.
Indian Two Wheeler Market Forecast 2030:
Indian Two Wheeler segment is the largest segment in the Indian Automotive Industry. This segment lost 5% in last 6 years from 80 to 75 percent in FY 2024. It also showed that the customers preferred a car or private four-wheeler. In FY 2019 and FY 2024, India sold 21.2 million and 18 million two-wheelers, respectively. India sold 21.2 million two-wheelers in FY 2019 and 18 million in FY 2024. Two-wheeler sales are expected to grow at 11% CAGR by FY 2030. Two-wheeler exports are expected to rise by 29% CAGR. African and Asian markets are attractive export countries for most of the OEMs. Brands like Royal Enfield also target the European market since the company offers a different motorcycle experience than other Japanese and local manufacturers.
Indian Two Wheeler is the only segment that registered double-digit 13 percent growth in FY2024 compared to FY 2023
Indian Commercial Vehicle Market Forecast 2030:
Commercial vehicle sales reached 0.97 million in FY 2024, matching FY 2023 levels. Sales declined with a CAGR of -0.8% between FY 2019 and FY 2024. A 24% CAGR is expected between FY 2024 and FY 2030 for the Indian CV segment. Indian Commercial Vehicles are the backbone of India’s logistics Industry. Trucks and buses are the two vehicle segments in the CV industry. Both segments have distinct characteristics and are influenced by different market dynamics. ACG provides Model and Brand Sales, Production, and Export Data Trends and Forecasts.
Government investment to develop infrastructure, the growing e-commerce sector, the demand for Electric trucks, Fleet modernization, and Integrated advanced technology in Trucks are key drivers for the Truck segment in India.
Mining and the Construction Industry are key drivers of heavy Tipper segment growth. Container, Steel, and Grain are key drivers of the heavy-duty Haulage segment. ACG provides Model—and application-wise Truck and Bus Data and the split of overload and payload truck sales Data.
Central and State government urban mobility plans, better connectivity, the Adoption of Electric Buses, the increase in urban population, Tourism and Intercity travel, and the implementation of new safety regulations are key growth drivers for the Indian Bus Industry.
Indian Three-Wheeler Market Forecast 2030:
The Indian Three-Wheeler market showed -0.3 percent growth between FY 2019 and FY 2024. This segment is expected to register a 30 percent CAGR between FY 2024 and FY 2030. This Industry reached 0.69 million vehicles in FY 2024, equivalent to the pre-COVID level in India.
Low Operating costs, Affordability, Customer demand for Electric Three-Wheelers, Suitability for short-distance travel, and expected growth in the Export market are key drivers for the Indian Three-Wheeler segment.
Key Highlights of the report:
- Indian Automotive Industry Trend and Forecast FY 2030
- Monthly and Quarterly subscription options available
- Brand, Model, and variant level Sales, Production, and Export Data
- Two-wheeler, Truck, Bus, car, and Three-Wheeler City wise Model wise Sales Data
- Product Analysis from FY 2011 to FY 2030
- Electric Vehicle Report and Forecast
- Brand level report
- Qualitative and Quantitative Analysis Report
- Data available in Excel, Power BI, and Tableau
